“But there is one thing of which I am nearly perfectly certain: If we pass this thing, no American politician, left or right, is going to cut any of these programs, or raise the broad-based taxes necessary to pay for them, without any compensating goodies to offer the public … until the crisis is almost upon us. I can think of no situation, other than impending crisis, in which such a thing has been done—and usually, as with Social Security, they have done just little enough to punt the problem down the road. The idea that you pass a program of dubious sustainability because you can always make it sustainable later, seems borderline insane. I can’t think of a single major entitlement that has become more sustainable over time. Why is this one supposed to be different?”
Megan McArdle
Tumbleroll
Colophon
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