Budget Myths and Reality
By Arnold Kling
This paper on the long-term budget outlook was just released. My guess is that I will refer to it often in the future.
I encounter a number of arguments that purport to explain why we do not have to restructure Social Security and Medicare. This paper is where I attempt to point out the weaknesses in those arguments.
We can argue about how best to restructure entitlements. Perhaps Jed Graham has ideas that are more appealing than mine. But the people who are fighting to keep Social Security as it is and to expand Medicare are fighting an uphill battle against arithmetic.