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January 4, 2005

Krugman on Social Security

Paul Krugman has taken it upon himself to school us, the American people, in the fine art of understanding SS and the b.s. the administration is trying to feed us on the subject. Juicy bits from today, his first installment in a series:

There are two serious threats to the federal government's solvency over the next couple of decades. One is the fact that the general fund has already plunged deeply into deficit, largely because of President Bush's unprecedented insistence on cutting taxes in the face of a war. The other is the rising cost of Medicare and Medicaid.

As a budget concern, Social Security isn't remotely in the same league. The long-term cost of the Bush tax cuts is five times the budget office's estimate of Social Security's deficit over the next 75 years. The botched prescription drug bill passed in 2003 does more, all by itself, to increase the long-run budget deficit than the projected rise in Social Security expenses.

Full op-ed in NYT.

Posted by cj at January 4, 2005 3:30 PM

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