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To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.
--
Speech given on Apr. 7, 2010 to the Dallas Regional Chamber of Commerce, "Economic Challenges: Past, Present and Future". (See pages 13-14 of the speech transcript).

 

Ben Bernanke

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Returning Medicare to solid footing represents our greatest entitlement challenge. . . . Like Social Security, Medicare is currently being rocked by the swelling numbers of baby-boomer retirees. . . . [However] the rising cost of health care adds just as much to the weight of the Medicare burden as does the age wave. . . . So it is healthcare itself that must be brought under control if we are to keep our Medicare bills from overwhelming the next generation.

 

Mitt Romney

 

The Assembly passed a budget that makes the right choices for young students across the state by helping schools avoid cutting essential educational programs, laying off teachers and increasing local property taxes. Without a sound investment in our children and their education, New York would face crumbling school buildings, overcrowded classrooms, and few opportunities to excel.

 

Jose Peralta

 

I never bought into the Laffer curve, a theory, named after an American supply - side economist who had been an adviser to the Reagan administration, that essentially argues that a government will increase its revenue by reducing its taxes. If it were that easy, everybody would do it. What politician doesn't want to reduce taxes in order to win votes? Taken to its logical extreme, the Laffer curve makes no sense because, if you lower your taxes to zero, how are you going to get higher revenues? In practice, every government that toyed with this theory ended up with larger deficits, higher interest rates and greater social inequality.

 

Jean Chretien

 

Mr. Speaker, I once again find myself compelled to vote against the annual budget resolution for a very simple reason: it makes government bigger. [...] We need to understand that the more government spends, the more freedom is lost. Instead of simply debating spending levels, we ought to be debating whether the departments, agencies, and programs funded by the budget should exist at all. My Republican colleagues especially ought to know this. Unfortunately, however, the GOP has decided to abandon principle and pander to the entitlements crowd. But this approach will backfire, because Democrats will always offer to spend even more than Republicans. When Republicans offer to spend $500 billion on Medicare, Democrats will offer $600 billion. Why not? It’s all funny money anyway, and it helps them get reelected. [...] The increases in domestic, foreign, and military spending would not be needed if Congress stopped trying to build an empire abroad and a nanny state at home.

 

Ron Paul

 

I think Paul [Ryan], for example, the head of the Budget Committee, has looked at the budget and has made a serious proposal. I've read it. I can tell you what's in it. And there's some ideas in there that I would agree with but theres some ideas we should have a healthy debate about because I dont agree with them. The major driver of our long-term liabilities, everybody here knows, is Medicare and Medicaid and our health care spending. Nothing comes close. That's going to be what our children have to worry about. Now, Paul's approach, and I want to be careful not to simplify this, I know you've got a lot of detail in your plan, but, if I understand it correctly, would say, we're going to provide vouchers of some sort for current Medicare recipients at the current level. No?

 

Paul Ryan