Federal Reserve Chairman Ben Bernanke believes that the burden from retiring baby boomers will strain the nation's budget and economy. "Reform of our unsustainable entitlement programs" should be a priority, Bernanke told the Washington Economic Club. "The imperative to undertake reform earlier rather than later is great."
"The fiscal consequences of these trends are large and unavoidable," Bernanke said.
Read Bernanke’s speech and Chapter 15 of the Colander text. Hard choices ahead! An unavoidable macro megatrend if there ever was one.