Fed chair: Nation needs to fix Medicare, Social Security

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The topic of Medicare reform is a hot one in healthcare circles. Now Federal Reserve Chair Ben Bernanke is talking about it.

This week, Bernanke said Medicare and Social Security changes are necessary to head off the impending financial challenges of aging baby boomers. Addressing the Economic Club of Washington, he said it is important to act in time to reform "our unsustainable entitlement programs."

If the government acts too late, lawmakers may have to resort to raising taxes, cutting retirement benefits, taking from other government programs, or carrying a larger national debt, to fund entitlements, Bernanke said.