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[applause] professor, thank you for that gracious introduction and for your presence here today. thank you for the hospitality and hoping up this important institution to this gathering. i really appreciate it, and i m very grateful to have the honor to be here at the university ever chicago. this, of course, is a home to the best free market thinking in the country. we have a country now that needs significant and dramatic economic growth, and the solutions and ideas and principles debated and discussed in this important institution over many generations i think form the core of the direction that we need to move forward for this country. i want to start my remarks this morning by just asking you, how are you enjoying your recovery summer? [laughter] now, that s what the president said we were having, but that was last year, the recovery summer. now gas is $4 a gallon. home prices are in the gutter. our health care system, thanks to obamacare, is more expensive and less effi
more traumas that do occur in theater. the surgeon general s office has put together several study groups that have gone into theater and look at the operations and interviewed folks. this is a work in progress. it is an ongoing thing. we have created some additional programs and really put a lot of effort into enhancing and enlarging the borough hall capabilities to handling a lot of these issues at the front end. so often a lot of these issues do not materialize until six, nine months, 18 months down the line come in so often they re not in the care of the military system. we re working very closely with the veterans administration to actually work on them as they develop. host: the relationship between walter reed and veterans affairs, are they two ventures? guest: they are separate ventures overall, but we are partnering with the veterans administration more and more. here we partner with the local be in terms of prosthetics and the care of the npt, because all of these t
newspapers, the headline of the story, definite panel offers painful program for the u.s. what s in the proposal? well, what the co-chairman of the bipartisan fiscal commission has proposed, five basic recommendations. the first is cuts totally $2 million. they also call for a major overhaul of the tax system, reduce rates, simplify the code, and some fixes to farm subsidies. the big issue is going to be proposed cuts and changes to the social security. that s what we are seeing a lot of reaction to today. they also make other specific cuts, such as reducing congressional and white house spending by 15%. can you talk about that? what are some of the other cuts? yeah, they actually make 58. some of them are the white house budgets, cutting the federal work force by 10%. reducing printing cost, slowing foreign aide growth, even things like earmarks and cutting founding to the smithsonian and allowing them to have fees to make up for it. how much do you think will be ena
former heads of the budget office. this is just under three hours. thank you for your presence and thank you for your participation. we ll go forward. we re going to turn it to my good colleague. i can t imagine the thrill that we had when joe biden called in january and said, al, the president and i have a tremendous deal for you. [laughter] i thought why do i answer the phone for joe after 30 years, i do. this is serious business. and the minute we hit it the shriek went up, ah, there they are. we are stalking horses. we are stalks horses for our grandchildren. your the administrator, i do the color. go ahead. i tell you what, you will never have a better column man. chairman bernanke, thank you for joining us this morning. we are delighted to have you, we are honored to have you. few have played such an important role. you certainly had some forward looking statements about the fiscal crisis. we are all expecting if we don t make some pretty dramatic moves. thank y