Friday, February 18, 2011

"Sound, Fury, and Posturing"

"People in Washington often talk as if there were a program called Socialsecuritymedicareandmedicaid, then focus on things like raising the retirement age. But that’s more anti-Willie Suttonism. Long-run projections suggest that spending on the major entitlement programs will rise sharply over the decades ahead, but the great bulk of that rise will come from the health insurance programs, not Social Security.
"So anyone who is really serious about the budget should be focusing mainly on health care. And by focusing, I don’t mean writing down a number and expecting someone else to make that number happen—a dodge known in the trade as a 'magic asterisk.' I mean getting behind specific actions to rein in costs.
"By that standard, the Simpson-Bowles deficit commission, whose work is now being treated as if it were the gold standard of fiscal seriousness, was in fact deeply unserious."

Paul Krugman in The New York Times calls out "people posing as deficit hawks."

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