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By Mark Davis
The nation founders, the Lone Star State thrives
Topic - David Wyss
Social Security and Medicare are emerging once again as seemingly untouchable third rails of politics despite their looming insolvency, and economists say the reason is obvious.
The White House is warning of financial Armageddon this spring if Congress fails to raise the Treasury's $14.3 trillion debt ceiling, but many on Wall Street are skeptical that the looming spending clash will produce anything but riveting political theater.
"If this were a decision based on economics, I think the Fed would wait, but given the politics of a new chairman having to go before Congress for confirmation, that could be an argument for moving now," Wyss said.
"Bernanke may well want to have a bond-reduction program in place before a new chairman comes in," said David Wyss, a former chief economist at Standard & Poor's and now an economics professor at Brown University.