Wednesday, March 23, 2011

Current Course Is Flawed . . . but Social Security Is Fine

The same guy who told us Social Security is fine a couple weeks ago now says "current deficits are unacceptably high and if we stay on our current course and do nothing, the fiscal situation will hurt our recovery and hamstring future growth."

No kidding? That statement was in response to growing pressure from fiscal hawks in Congress given the projection that the proposed 2012 budget will add $2.3 million more than projected to deficits over the next decade.

But this same guy, White House budget director Jacob Lew, recently disputed the reality that there is no surplus, no trust fund full of assets, to pay Social Security benefits. If he has the sense to see that the fiscal status quo is unacceptable, how does he miss the reality of Social Security?

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