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Peak oil? Global warming? No, it’s ‘Boomsday!’

January 28, 2009 • Climate Change & Mitigation, News

Thanks to Carter Dillard for this article, which is relevant to this week’s Global Economic Forum.
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Six years ago, Peter Orszag, President Obama’s new budget director, co-authored a Brookings Institution study that concluded: “Balancing the budget would require a 41% cut in spending on Social Security and Medicare, a 47% cut in discretionary spending, or a 17% cut in all non-interest spending.” It’s getting worse: Today entitlements eat up 40% of the federal budget and are growing.

No doubt Orszag’s earlier thinking had a lot to do with why Obama picked him. But it’s also a signal of what we can expect when a Social Security reform bill is sent to Congress during Obama’s “first 100 days.” And that will trigger a brutal battle. Why? Because AARP’s 35 million members will fight all benefits reductions while young voters who put Obama in office will fight any new Social Security taxes. Bruising battle?

For full article, visit:

http://www.marketwatch.com/news/story



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