The House Oversight and Government Reform Committee held a hearing today (March 21, 2012) on the “US Response to the European Debt Crisis”. Ben Bernanke and Tim Geithner testified before the committee. Darrell Issa asked Mr. Bernanke a simple question: what is our debt if off budget debts are included? His response:
“I will have to get back to you”
Mr. Bernanke did admit that our national debt combined with medicare obligations is $45 trillion. This is a debt to GDP ratio of 300% or as the Fed chairman put it succinctly: it is not sustainable.