Thanks to Carter Dillard for this article, which is relevant to this week’s Global Economic Forum.
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?
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