A deficit of analysis behind Fed chairman’s comments

I was mind-boggled by “Bernanke sees ‘vicious cycle’ of budget gaps” (Jan. 19).

Could widely respected Federal Reserve Chairman Ben S. Bernanke (who even acknowledges the heresy that “tax cuts do not pay for themselves”) have a discussion with the Senate Budget Committee, headed by a Democrat, about how to reduce spending -- and not even mention the hundreds of billions of dollars being spent in Iraq?

Scott S. Smith

West Hollywood

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Finally, there is someone worried about the runaway spending that has put our country deep in debt.

Too bad the enemies targeted are Social Security and Medicare and thus the weakest among us: the old, the infirm and the poor.

I have just one word for such disgusting analysis: cowardice.

Stephen Fischer

Los Angeles

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Much to his credit, Bernanke has used an appearance before the Senate Budget Committee to echo and reinforce the views of his esteemed predecessor, Alan Greenspan, warning of the potential fiscal calamity to come in entitlement programs that threaten to break the back of our national economy.

In noting that rising healthcare and Social Security spending could create a “vicious cycle” of rising debt and interest payments and that we are currently in a period of “calm before the storm,” Bernanke commanded the attention and agreement of many senators.

The question is whether Bernanke’s reasoned activism will have any significant effect and cause our leaders to change our ruinous path of spending the nation into oblivion.

The past is the best predictor of the future, and using that gauge, it is clear that Bernanke is wasting his breath.

Oren M. Spiegler

Upper Saint Clair, Pa.