Most people have a vague understanding that America has a huge long-run fiscal problem.
They’re right, though they probably don’t realize the seriousness of that looming crisis.
Here’s what you need to know: America’s fiscal crisis is actually a spending crisis, and that spending crisis is driven by entitlements.
More specifically, the vast majority of the problem is the result of Medicaid, Medicare, and Social Security, programs that are poorly designed and unsustainable.
America needs to fix these programs…or eventually become another Greece.
Fortunately, all of the problems can be solved, as these three videos demonstrate.
The first video explains how to fix Medicaid.
The second video shows how to fix Medicare.
And the final video shows how to fix Social Security.
Regular readers know I’m fairly gloomy about the future of liberty, but this is one area where there is a glimmer of hope.
The Chairman of the House Budget Committee actually put together a plan that addresses the two biggest problems (Medicare and Medicaid) and the House of Representatives actually adopted the proposal.
The Senate didn’t act, of course, and Obama would veto any good legislation anyhow, so I don’t want to be crazy optimistic. Depending on how things play out politically in the next six years, I’ll say there’s actually a 20 percent chance to save America.
“Here’s what you need to know: America’s fiscal crisis is actually a spending crisis, and that spending crisis is driven by entitlements.”
Dan, we have a military empire which is at least equally complicit in the bankrupting of America. I don’t think we should exclude that fact from the spending crisis.
“America’s fiscal crisis is actually a spending crisis”
This is false. We tax less and spend less than just about everybody else in the OECD. See: http://www.heritage.org/index/explore?view=by-variables
“More specifically, the vast majority of the problem is the result of Medicaid, Medicare, and Social Security”
This is misleading, for two reasons. First, the problem with Medicare and Medicaid is largely the economy-wide problem of rising health care costs. See: http://www.poisonyourmind.com/2011/08/the-long-term-debt-issue-is-health-care-costs-2/ You’ll note that Medicare and Medicaid actually do a better job controlling price increases than do private insurers. Also, the US spends more private money & less public money on health care, and spends about 2.5 times as much as the rest of the OECD, for care that is no better.
Second, it is misleading to conflate health care spending with Social Security. While M&M spending is projected to increase a great deal, SS has a modest long-term shortfall that can be fixed in a number of different ways, such as by reducing benefits in a few decades. See: http://motherjones.com/kevin-drum/2010/10/most-important-social-security-chart
Ephemeral, you can’t simply throw out a bunch of factoids and think it adds up to any kind of coherent whole. It doesn’t really work that way. Some of the points that you’ve made rely on limited data, or make assumptions which are completely irrelevant. You have, in short, made the mistake of not understanding your subject matter and thinking that a few convenient ‘facts’ amount to some kind of truth. With respect, it doesn’t really work like that, though I understand that’s how it is in the blogosphere. Just throw a bunch of sh^t against a wall and watch how it sticks.
Fabrizio: “Some of the points that you’ve made rely on limited data, or make assumptions which are completely irrelevant.”
I listed a series of facts– about the outlook of the long-term debt problem, about the difference between health care spending vs. Social Security spending, about the US’s very low taxes and spending– with links to substantiation.
You indicate that you don’t like those facts.
Now, that’s fine, that’s your right. But could you perhaps be good enough as to offer a rationale for your assertion?
Medicare is the most efficient insurance system we have. Not once did you guys mention preventative medicine, clean air, and water. New sidewalks and bicycle paths would lower health costs. It’s unethical to profit from someone else’s poor health. I am surprised at CATO’s singular adoption of the Ryan Plan, which just lines the pockets of middlemen. The voucher COLA at GDP+ 1% will not keep up with the inflation we are seeing in health care. WAKE UP !
The US has a very poor social system, because it does not correspond with the
“Capitalists” which dictate the system. All the citizens of this country need, is equality…give everyone the same benefirts (healthcare, pensions. etc) as Congress allots themselves.
Only then can you talk about a true democracy, “For the people, by the people, of the people.
Capitalism is as unsustainable as Socialism.has been..An injection of both ideologies is the only thing that is sistainable.
Reflectionephemeral,
First, stating that we tax and spend less than any other country in the OECD, says nothing about the reason for our fiscal crisis and shortfalls. Fiscal deficits are by definition a spending problem. You can argue that more revenue is needed, but until that revenue is actualized any deficit spending is a spending problem. Second, the rising cost of health care were addressed in the first and second video. By subsidizing health care through unrestrained medicare and medicaid, it encourages companies that provide health services and production to increase their prices. This is basic economics. It is the same reason that education costs are rising above inflationary rates, and it is the same reason that housing prices rose unchecked for the last 10 years. So saying that health care entitlements are not responsible for the fiscal crisis denies their culpability for the rise in health care costs to begin with. Third, the Kevin Drum article shows one graph, but fails to communicate the whole report that the graph is part of. It is bad proof-texting and fails to address the overall complexity of the problem.
Thanks for your reply, Macfolk.
It is incorrect to say that “fiscal deficits are by definition a spending problem.” In fact, they are a product of a mismatch between spending and revenue. Now, it’s a perfectly legitimate political preference to want to decrease spending, but it is not compelled by The Math.
As to health care subsidies, the US has the freest health care market in the OECD. We spend much less from public expenditures, but we have much higher costs, and not-any-better results.
The housing bubble was in no way attributable to US government policies. It was a bubble in a private market. See: http://www.ritholtz.com/blog/2011/11/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/
I don’t understand why the Drum chart is misleading. It shows the long-term SS shortfall. There’s legitimate concern over SS, but its problems are not awful, and it’s not a serious cause of the long-term debt problem.
When the government starts to get into a market, then people start pricing intot he government’s pocket which is essentially bottomless because, as we all know, the government does not have the will the to say “no.” As a result, prices go up and fewer and fewer people can afford whatever it is the government starting paying for as a means of helping out those few how could not afford it before and legitimately needed help and now you’re adding more and more who need the government to pay for them. It happened in the housing bubble. It’s happened in Big Education. How many kids have government subsidized student mega-debt? It’s happening in health care. Why keep your costs down when you can ride the governmnet subsidy gravy train? It’ll work right up until that train derails and the end of the tracks is looming large. We’re in for one heck of apainful market correction because our political will to say “no” is nil.
[...] Cato scholar Daniel J. Mitchell argues America’s fiscal crisis is basically a spending crisis, with excessive spending and borrowing driven by poorly designed, unsustainable entitlement programs like Medicare, Social Security, and Medicaid in: Everything You Need to Know about Entitlement Reform. [...]
[...] payroll taxes and incremental reform should not distract us from the enormously important issue of genuinely fixing entitlement programs, something that is needed to save America from Greek-style fiscal collapse at some point in the [...]
“It’s unethical to profit from someone else’s poor health.”
Who says? In context, I take it that this is a criticism of American drug companies, health insurance, and the like. So what you really mean is, “It’s unethical to profit from helping someone to overcome his health problems.” And I can only say, Why? Would you also say that it is unethical to profit from someone else’s car problems, for example by charging him for your services in repairing it? Is it unethical to profit from someone else’s hunger, for example by running a grocery store?
Well, maybe you say yes. But the solution always offerred to this “ethical problem” is for the government to take over this function. But government employees are paid, so they also profit from people’s problems. Often they are paid very well. Is it unethical to profit from someone else’s ignorance, by accepting money to teach school? Is it unethical to profit from someone being victimized by criminals, by accepting money to be a policeman?
I wonder if the writer of this comment is paid to do some sort of job. Does that job address any problem or potential problem that people may have? If so, then you are profiting from this problem. If not, then I guess you are ripping people off by taking their money for nothing.
[...] elaborate, not all entitlement reform is created equal. As I explained in this set of videos, good reform means putting individuals back in charge and restoring market forces. It means [...]
[...] Given what’s happening in Europe and the fact that politicians so far have failed to enact genuine entitlement reform, the 64 percent should be 94 percent. Rate this: Share [...]
[...] Given what’s happening in Europe and the fact that politicians so far have failed to enact genuine entitlement reform, the 64 percent should be 94 percent Share [...]
@ Jay: The Health Care people receive is deficient, and tends make people sicker. There’s no incentive to reduce costs in the system we have. Preventative care is not in the health care delivery interests. Artificial pricing of drugs is not helping. Fancy hospitals are not curing. 50m People are doing without insurance. This is not working.
[...] Simply stated, the United States is in grave danger of becoming a European-style welfare state. Indeed, that will automatically happen in the next few decades because of demographic changes and poorly designed entitlement programs. [...]
[...] Simply stated, the United States is in grave danger of becoming a European-style welfare state. Indeed, that will automatically happen in the next few decades because of demographic changes and poorly designed entitlement programs. [...]
[...] Simply stated, the United States is in grave danger of becoming a European-style welfare state. indeed, that will automatically happen in the next few decades because of demographic changes and poorly designed entitlement programs. [...]
[...] Simply stated, the United States is in grave danger of becoming a European-style welfare state. Indeed, that will automatically happen in the next few decades because of demographic changes and poorly designed entitlement programs. [...]
[...] He’s right that the main problem is in the future. As I’ve noted before, America is doomed to become Greece because of rising entitlement spending. [...]
[...] He’s right that the main problem is in the future. As I’ve noted before, America is doomed to become Greece because of rising entitlement spending. [...]
[...] key point in this excerpt is that the VAT is a substitute for entitlement reform. Without the VAT, politicians might actually reform the welfare state. But because of the VAT, they [...]
[...] key point in this excerpt is that the VAT is a substitute for entitlement reform. Without the VAT, politicians might actually reform the welfare state. But because of the VAT, they [...]
[...] we’re going to reform entitlements, do it the right way. Rate this: Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike [...]
[...] we’re going to reform entitlements, do it the right way. jQuery('#lazyload_post_0 img').lazyload({placeholder: [...]
[...] will argue that it’s impossible to restrain spending because of entitlement programs, but this set of videos shows how to reform Social Security, Medicare, and [...]
[...] will argue that it’s impossible to restrain spending because of entitlement programs, but this set of videos shows how to reform Social Security, Medicare, and [...]
[...] people will argue that it’s impossible to restrain spending because of entitlement programs, but this set of videos shows how to reform Social Security, Medicare, and [...]
“The housing bubble was in no way attributable to US government policies. It was a bubble in a private market”
That would be laughable if it weren’t so sad that people can actually perpetuate that myth. Bubbles, booms and busts are ALL attributable to goverment monetary and fiscal policy. They are a result of easy money always leading to hard times. Look at data on the housing bubble worldwide, and see the commonality – countries with easy money, government driven artificially low short-term interest rates, ALL experienced the bubble/bust. Even Tim Geithner admitted that the Fed played a critical role in the financial housing/mortgage meltdown..in his own words: “…monetary policy around the world was too loose too long. And that created this huge boom in asset prices, money chasing risk.” Econ 101. When will people actually do some studying? Sigh.
[...] people will argue that it’s impossible to restrain spending because of entitlement programs, but this set of videos shows how to reform Social Security, Medicare, and [...]
[...] is a bit unfair and over the top. After all, these are the folks who voted last year for real entitlement reform, so I need to remind myself that politicians are combinations of good and [...]
[...] payroll taxes and incremental reform should not distract us from the enormously important issue of genuinely fixing entitlement programs, something that is needed to save America from Greek-style fiscal collapse at some point in the [...]
[...] overwhelming fiscal policy challenge for America is entitlement programs, as I explain in this set of videos. To protect America from becoming another Greece, we need personal retirement accounts for Social [...]
[...] is critical to save the nation from Greek-style fiscal collapse, especially if it is part of a comprehensive modernization of entitlement programs, and I was very impressed that the House of Representatives actually adopted a version of this [...]
[...] just not holding my breath that we’ll get real entitlement reform in the next four years. Rate this: Share [...]
[...] Everything You Need to Know about Entitlement Reform [...]
I wish we had more statesmen that would take on the elephant in the room like you have.
[...] Not all entitlement reform is created equal. The right kind of reform changes the structure of programs to promote market forces, federalism, and fiscal sustainability. [...]
[...] when I was married and never got the last word). In this case, I said Congressman Ryan’s entitlement reforms are the solution, though I’m not sure how many people heard. Rate this: Share [...]
[...] all, why would politicians reform entitlements if they have the option of slowly but surely pushing up the VAT rate? Rate this: Share [...]
[...] reforms. The long-term fiscal problems caused by Medicare and Medicaid are much larger. This three-part video series looks at the reforms that could address all three programs. Rate this: Share [...]
[...] are solutions, of course, but don’t hold your breath waiting for them to be [...]
[...] All this sounds very depressing, but the good news is that we know the types of policies that will solve the problem. [...]
[...] close with a rhetorical question that helps explain my skepticism: We know that entitlement reform is desperately needed to save America from becoming like Europe, but do we think such reform will [...]
[...] shouldn’t get cocky. Our long-term fiscal outlook is equally grim. We can avoid a crisis if entitlement programs are reformed, but that obviously isn’t going to happen anytime soon. Rate this: Share [...]
[...] shouldn’t get cocky. Our long-term fiscal outlook is equally grim. We can avoid a crisis if entitlement programs are reformed, but that obviously isn’t going to happen anytime [...]
[...] are obvious lessons from Europe for the United States. If politicians don’t reform entitlement programs, we’re doomed to have our own fiscal crisis at some point in the not-too-distant [...]
[...] shouldn’t get cocky. Our long-term fiscal outlook is equally grim. We can avoid a crisis if entitlement programs are reformed, but that obviously isn’t going to happen anytime soon. Like this:LikeBe the first to like this [...]
[...] a disappointment because it endorsed higher taxes and urged sub-par entitlement changes rather than much-needed structural reforms. He also went after Grover Norquist because of the no-tax pledge, which I think is a valuable tool [...]
[...] are obvious lessons from Europe for the United States. If politicians don’t reform entitlement programs, we’re doomed to have our own fiscal crisis at some point in the not-too-distant [...]
[...] a disappointment because it endorsed higher taxes and urged sub-par entitlement changes rather than much-needed structural reforms. He also went after Grover Norquist because of the no-tax pledge, which I think is a valuable tool [...]
[...] humility you only find in Washington, I call this “Mitchell’s Golden Rule“). The entitlement reforms in the Ryan budget would be a good start, along with some much-needed pruning of discretionary [...]
[...] In later posts, we’ll look to see whether American statists have learned any lessons about reforming entitlements so we avoid a future Greek-style fiscal crisis in America. Rate this:Share [...]
[...] But I also believe in giving praise when it’s warranted. That’s why I’ve written nice things about Bill Clinton and also why I praised House Republicans for supporting entitlement reform. [...]
One of the (many) problems with Medicaid is that you’re either on it, or you’re off it. There is no in-between. This causes people to fight to keep their incomes low enough to remain on the program so that they can continue to get medications – all medications, even the most expensive ones – for $2 (at least in the state where I practice medicine).
Medicaid – and probably welfare, and maybe even Medicare in part – should be set up as sliding-scale programs. For example: those whose income is at the Federal poverty level and below would have 100% coverage. From this to double the poverty level, Medicaid coverage would be decreased in steps of 1% until it is 0. One’s percentage assignment would be made yearly on April 15. There would thus remain an incentive to work and earn more, and it would cease being a punishment.
[...] are just examples of nickel-and-dime programs. The bigger outrage is that politicians have created costly, inefficient, and bankrupt entitlement programs that threaten our fiscal [...]
If you can afford $3000/month for private health insurance – good for you, you rare bird. Nobody else can afford that. “VOUCHERS” are a LIE (and you will be laughed out of the doctor’s office trying to pay with that joke-paper).
[...] are just examples of nickel-and-dime programs. The bigger outrage is that politicians have created costly, inefficient, and bankrupt entitlement programs that threaten our fiscal [...]
[...] are just examples of nickel-and-dime programs. The bigger outrage is that politicians have created costly, inefficient, and bankrupt entitlement programs that threaten our fiscal future. var AdBrite_Title_Color = 'FFFF66'; var AdBrite_Text_Color = [...]
[...] I’ve written several times that the United States will face a fiscal crisis if entitlement programs aren’t reformed, you won’t be surprised to see that I repeat those points in this CNBC [...]
[...] I’ve written several times that the United States will face a fiscal crisis if entitlement programs aren’t reformed, you won’t be surprised to see that I repeat those points in this CNBC [...]
[...] being said, I hope what I said was more persuasive, particularly my points about the long-term entitlement problem, the unfortunate impact of too many people being exempt from the income tax, the fact that America [...]
[...] is why I want to reform entitlements such as Social Security, Medicare, and Medicaid, and it’s why I want to shut down entire [...]
[...] cliff because of promises to spend money on retirees, but the nitwits in Washington have created entitlements for the entire population and not just for a privileged class of [...]
[...] I even outlined several specific scenarios where that might occur, including giving the politicians more money in exchange for a flat tax or giving them additional revenue in exchange for real entitlement reform. [...]
[...] I even outlined several specific scenarios where that might occur, including giving the politicians more money in exchange for a flat tax or giving them additional revenue in exchange for real entitlement reform. [...]
[...] Normally, I get pessimistic about the future when I think about wasteful spending programs that will drive almost all developed nations into bankruptcy. And America is on that list, by the way, because of our poorly designed entitlement programs. [...]
[...] the kind of humility you only find in Washington, I call this “Mitchell’s Golden Rule“). The entitlement reforms in the Ryan budget would be a good start, along with some much-needed pruning of discretionary [...]
[...] also need entitlement reform in the United States. Our demographics aren’t as bad as Estonia’s, but we all know [...]
[...] are obvious lessons from Europe for the United States. If politicians don’t reform entitlement programs, we’re doomed to have our own fiscal crisis at some point in the not-too-distant [...]
[...] This issue has become hot again now that another big name has decided to escape the IRS, and I discuss the issue on Fox News. In my first soundbite, I warn that expatriation is driven by a combination of punitive tax policy and a growing perception that America will suffer a Greek-style fiscal crisis thanks to poorly designed entitlement programs. [...]
[...] the continent-wide fiscal crisis occurs (because Europe has poorly designed entitlement programs, just like America), and there’s no Germany or no IMF to provide bailouts, the looters and the moochers are [...]
[...] shouldn’t get cocky. Our long-term fiscal outlook is equally grim. We can avoid a crisis if entitlement programs are reformed, but that obviously isn’t going to happen anytime [...]
[...] or later will spread to the supposedly prudent nations such as Germany and the Netherlands. And, thanks to entitlement programs, the United States isn’t that far [...]
[...] or later will spread to the supposedly prudent nations such as Germany and the Netherlands. And, thanks to entitlement programs, the United States isn’t that far [...]
[...] I even outlined several specific scenarios where that might occur, including giving the politicians more money in exchange for a flat tax or giving them additional revenue in exchange for real entitlement reform. [...]
[...] So the parts of the budget that theoretically might generate some positive spin-offs are trivial. The vast majority of spending, by contrast, is consumed by inefficient tax-and-transfer entitlement programs. [...]
[...] This issue has become hot again now that another big name has decided to escape the IRS, and I discuss the issue on Fox News. In my first soundbite, I warn that expatriation is driven by a combination of punitive tax policy and a growing perception that America will suffer a Greek-style fiscal crisis thanks to poorly designed entitlement programs. [...]
[...] or later will spread to the supposedly prudent nations such as Germany and the Netherlands. And, thanks to entitlement programs, the United States isn’t that far [...]
[...] that this makes the UK special. Thanks to reckless entitlement programs, the same data shows that the United States also is headed for Greek-style fiscal chaos. Rate [...]
[...] that this makes the UK special. Thanks to reckless entitlement programs, the same data shows that the United States also is headed for Greek-style fiscal [...]
[...] But what Obama conveniently overlooks is that spending on so-called public goods is only about 10 percent of the federal budget. The vast majority of government spending is for unambiguously harmful outlays on transfers, consumption, and entitlements. [...]
[...] But what Obama conveniently overlooks is that spending on so-called public goods is only about 10 percent of the federal budget. The vast majority of government spending is for unambiguously harmful outlays on transfers, consumption, and entitlements. [...]
[...] By contrast, Greece is a bankrupt, high-tax welfare state, and the United States sooner or later will suffer the same fate because of misguided entitlement programs. [...]
[...] By contrast, Greece is a bankrupt, high-tax welfare state, and the United States sooner or later will suffer the same fate because of misguided entitlement programs. [...]
[...] By contrast, Greece is a bankrupt, high-tax welfare state, and the United States sooner or later will suffer the same fate because of misguided entitlement programs. [...]
[...] it be nice if we could actually have an open and honest debate about real issues, such as entitlement reform? Or how best to fix our corrupt tax [...]
[...] let’s all agree that we should reform entitlements and shut down useless federal [...]
[...] was risky because it gives Obama and his allies an opportunity to demagogue the GOP ticket about entitlement reform. I disagree. Even if Romney picked Nancy Pelosi, that demagoguery was going to happen. Heck, [...]
[...] was risky because it gives Obama and his allies an opportunity to demagogue the GOP ticket about entitlement reform. I disagree. Even if Romney picked Nancy Pelosi, that demagoguery was going to happen. Heck, [...]
[...] would be a terrible idea. Simply stated, politicians would have no reason to control spending or reform entitlements if they had a new source of tax [...]
[...] was risky because it gives Obama and his allies an opportunity to demagogue the GOP ticket about entitlement reform. I disagree. Even if Romney picked Nancy Pelosi, that demagoguery was going to happen. Heck, [...]
[...] job, Congress would have to enact a law to repeal Obamacare. Laws also would need to be changed to reform entitlements, or adopt a flat [...]
[...] job, Congress would have to enact a law to repeal Obamacare. Laws also would need to be changed to reform entitlements, or adopt a flat [...]
[...] job, Congress would have to enact a law to repeal Obamacare. Laws also would need to be changed to reform entitlements, or adopt a flat [...]
[...] final point from the column that’s worth emphasizing is that Ryan does the right kind of entitlement reform. One of the best features of the Ryan budget is that he reforms the two big health entitlements [...]
[...] repeal the costly Obamacare program and then build upon that small first step with a commitment to reform the other unaffordable entitlement programs. Rate this:Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike [...]
[...] final point from the column that’s worth emphasizing is that Ryan does the right kind of entitlement reform. One of the best features of the Ryan budget is that he reforms the two big health entitlements [...]
[...] One final point from the column that’s worth emphasizing is that Ryan does the right kind of entitlement reform. [...]
[...] Here’s a riddle for policy wonks. What do you get if you take my videos on the economics of government spending and mix them in a blender with my videos on America’s entitlement crisis? [...]
[...] fiscal outlook of the United States, I feel even more sorry for American taxpayers. Thanks to misguided entitlement programs, we’re in even deeper trouble than Europe’s welfare states. Rate this:Share [...]
[...] I give speeches about entitlement reform, I often make the point that there’s nothing radical about Paul Ryan’s plan to reform [...]
[...] I give speeches about entitlement reform, I often make the point that there’s nothing radical about Paul Ryan’s plan to reform [...]
[...] I’m never guilty of being an optimist, but two items caught my attention today that suggest the tide may be turning on entitlement reform. [...]
[...] I have strongly praised the GOP for embracing entitlement reform and supporting the Ryan budget, I’m not under any illusions that the average Republican [...]
[...] Maybe It Is Possible to Reform Health Entitlements 0 Apple Accessories In the Apple's world and get a big discount from SuntekStoredocument.write(''); I’m never guilty of being an optimist, but two items caught my attention today that suggest the tide may be turning on entitlement reform. [...]
[...] I’m never guilty of being an optimist, but two items caught my attention today that suggest the tide may be turning on entitlement reform. [...]
[...] fulfill his promise the reduce the burden of government spending by implementing Paul Ryan’s entitlement reforms. But don’t hold your breath waiting for that to happen. Rate this:Share [...]
[...] since I have low expectations, I’ll be delighted if we “merely” manage to get entitlement reform during a Romney-Ryan Administration. That would mean some progress on the spending side and [...]
[...] payer problem). The good news is that we can easily solve the problem with a combination of entitlement reform (which deals with a direct cause of third-party payer and tax reform (which deals with an indirect [...]
[...] since I have low expectations, I’ll be delighted if we “merely” manage to get entitlement reform during a Romney-Ryan Administration. That would mean some progress on the spending side and [...]
[...] be sure, it’s possible to reverse this trend if we implement entitlement reform. But how likely is that given the short-sighted outlook and self-interested attitude of the [...]
[...] since I have low expectations, I’ll be delighted if we “merely” manage to get entitlement reform during a Romney-Ryan Administration. That would mean some progress on the spending side and [...]
[...] of helps to explain why entitlement reform is completely necessary if we want to keep America from a Greek-style fiscal collapse at some point [...]
[...] be sure, it’s possible to reverse this trend if we implement entitlement reform. But how likely is that given the short-sighted outlook and self-interested attitude of the [...]
[...] demagoguery on Social Security and Medicare will hurt in Florida, even though the GOP platform on entitlement reform is that people over age 55 are [...]
[...] P.S. America will be in the same boat at some point in the future if we don’t reform entitlements. [...]
[...] demagoguery on Social Security and Medicare will hurt in Florida, even though the GOP platform on entitlement reform is that people over age 55 are [...]
[...] though, since politicians have to pass a number of tests (unwavering opposition to tax hikes, support for entitlement reform, etc) before receiving the Dan Mitchell Seal of Approval. I guess this is why 99 percent of them [...]
[...] though, since politicians have to pass a number of tests (unwavering opposition to tax hikes, support for entitlement reform, etc) before receiving the Dan Mitchell Seal of Approval. I guess this is why 99 percent of them [...]
[...] I think America faces a very grim fiscal future in the absence of entitlement reform, and since I also blame Bush as much as I blame Obama, I can’t quibble with anything he [...]
[...] be sure, it’s possible to reverse this trend if we implement entitlement reform. But how likely is that given the short-sighted outlook and self-interested attitude of the [...]
[...] can fulfill his promise the reduce the burden of government spending by implementing Paul Ryan’s entitlement reforms. But don’t hold your breath waiting for that to [...]
[...] I’ve warned about dependency and raised the alarm that we risk becoming another Greece unless entitlements are reformed, one might think I agree with the former Massachusetts [...]
[...] are real change in the plan, but they’re the wrong kind of changes. Instead of the structural reforms to Medicare and Medicaid contained in the Ryan budget, the Simpson-Bowles report basically calls [...]
[...] are real change in the plan, but they’re the wrong kind of changes. Instead of the structural reforms to Medicare and Medicaid contained in the Ryan budget, the Simpson-Bowles report basically calls [...]
[...] United States. Yes, we can fix our fiscal problems if we cap the growth of spending and implement entitlement reform to address the long-run problem, but I’m not holding my breath expecting those [...]
[...] desperately need fiscal reforms, particularly to deal with poorly designed entitlement programs. But it’s much easier to adopt necessary reforms when a nation has a spirit of self reliance [...]
[...] United States. Yes, we can fix our fiscal problems if we cap the growth of spending and implement entitlement reform to address the long-run problem, but I’m not holding my breath expecting those [...]
[...] The more relevant question is why he thinks federal spending is associated with good results. There’s certainly no positive evidence from Obama’s stimulus. We also know the War on Poverty backfired. And entitlements are a ticking time bomb in the absence of reform. [...]
[...] about whether Americans should escape to Canada, Australia, Chile, or some other nation when the entitlement crisis causes a Greek-style fiscal [...]
[...] desperately need fiscal reforms, particularly to deal with poorly designed entitlement programs. But it’s much easier to adopt necessary reforms when a nation has a spirit of self reliance [...]
[...] good numbers are why I think it’s actually possible to implement entitlement reform. People see what’s happening in Europe and don’t want America to suffer a similar fate. [...]
[...] And I wasn’t too optimistic about Romney, either, though he’s tentatively open to entitlement reform. [...]
[...] As I’ve previously explained, this would be a terrible idea. It means a big tax hike with, particularly an increase in the double taxation of income that is saved and invested. It also relies on gimmicks rather than real entitlement reform. [...]
[...] Here’s the full three-part video series on entitlement reform. Rate this:Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike [...]
[...] he is rigidly opposed to the entitlement reforms that would save America from becoming another [...]
[...] time for a caveat. if the election somehow results in genuine entitlement reform, I will gladly advise this couple to [...]
[...] I’ve repeatedly expressed my concerns that Romney would be another Bush, expanding the burden of government spending and failing to engage in desperately needed entitlement reform. [...]
[...] This is important because the Bowles-Simpson plan is a bad place to start, largely because it dramatically increases the double-tax burden on income that is saved and invested and it fails to include real entitlement reform. [...]
[...] of helps to explain why entitlement reform is completely necessary if we want to keep America from a Greek-style fiscal collapse at some point [...]
[...] I’ve warned about dependency and raised the alarm that we risk becoming another Greece unless entitlements are reformed, one might think I agree with the former Massachusetts [...]
[...] – figuring out how to control the burden of government spending, how to implement much-needed entitlement reform, and how to fix the corrupt tax [...]
[...] guy who adopted Obamacare on the state level ultimately would have botched this issue. This means good reforms are still possible, perhaps in as little as four [...]
[...] job, Congress would have to enact a law to repeal Obamacare. Laws also would need to be changed to reform entitlements, or adopt a flat [...]
[...] put together a video series on the need for entitlement reform and another one on the economics of government [...]
[...] put together a video series on the need for entitlement reform and another one on the economics of government [...]
[...] I even outlined several specific scenarios where that might occur, including giving the politicians more money in exchange for a flat tax or giving them additional revenue in exchange for real entitlement reform. [...]
[...] moral of the story: Entitlement reform is good policy…and good [...]
[...] The burden of government spending has exploded and will get even worse if we don’t enact serious entitlement reform. But too many people now can’t envision a world other than the status quo and they are [...]
[...] Indeed, I fear permanently lower growth is the legacy of the Bush-Obama years. We now have a substantially bigger burden of government spending, and things will get worse rather than better in the absence of real entitlement reform. [...]
[...] in mind, by the way, that these numbers are just the tip of the iceberg. Without real entitlement reform, federal spending as a share of GDP will double and total government outlays will rise to at least [...]
[...] I fear permanently lower growth is the legacy of the Bush-Obama years. We now have a substantially bigger burden of government spending, and things will get worse rather than better in the absence of real entitlement reform… [...]
[...] the kind of humility you only find in Washington, I call this “Mitchell’s Golden Rule“). The entitlement reforms in the Ryan budget would be a good start, along with some much-needed pruning of discretionary [...]
[...] long-run fiscal problem is entitlement spending. Will politicians be more likely or less likely to reform those programs if they think tax increases are an [...]
[...] fun of Obama for his deliberate ignorance about the budget. Honest leftists admit that we need real entitlement reform, but Obama wants us to believe that the nation’s fiscal problems can be solved by targeting [...]
[...] Obama wants us to move in the wrong direction at an even faster pace. And he definitely opposes the types of entitlement reforms that could save the [...]
[...] by contrast, is fixated on a class-warfare approach to fiscal policy. And the Task Force proposes real entitlement reform, unlike either the Obama White House or the Simpson-Bowles Fiscal Commission. One way of [...]
[...] réside dans les dépenses sociales. Les politiciens doivent-ils être plus ou moins enclins à renforcer ces programmes s'ils pensent que les augmentations d'impôts sont une option [...]
[...] let’s not delude ourselves. In the absence of real entitlement reform, the United States is doomed to repeat Europe’s [...]
[...] 2. I now think Washington is pervasively corrupt. When I first came to town, I figured there was a lot of sleaze and graft facilitated by big government. Nothing has changed about that assessment, but I now think that a bigger problem is moral and cultural corruption among the political elite. Washington is filled with people who know the system is a racket. They know that the country is on a very dangerous trajectory. Many of them even understand what needs to be done to fix the problems. But they often decide that their short-run personal and political interests are more important than the long-run interests of the nation. But it’s also important to realize that politicians almost always are a combination of good and evil. The same folks who routinely cast bad votes every so often can be persuaded to do the right thing for the right reason, as occurred when GOPers in the House voted for the Ryan budget and its desperately needed entitlement reforms. [...]
[...] In the long run, though, the left will want even more taxes to enable the demography-drive expansion of the welfare state. Higher revenues, in other words, are a substitute for real entitlement reform. [...]
[...] that simply requires some modest spending restraint to address the short run problem and some intelligently designed entitlement reform to solve the long run [...]
[...] let’s not delude ourselves. In the absence of real entitlement reform, the United States is doomed to repeat Europe’s [...]
[...] Let’s take a break from depressing posts about Obama’s fixation on class-warfare tax policy and the failure of Washington to enact genuine entitlement reform. [...]
[...] that simply requires somemodest spending restraint to address the short run problem and someintelligently designed entitlement reform to solve the long run [...]
[...] the absence of entitlement reform, the burden of federal spending will double, measured as a share of GDP, and the overall burden of [...]
[...] the absence of entitlement reform, the burden of federal spending will double, measured as a share of GDP, and the overall burden of [...]
[...] Obama wants us to move in the wrong direction at an even faster pace. And he definitely opposes the types of entitlement reforms that could save the [...]
[...] Yes, I realize it is theoretically possible that a tax hike could be part of a political deal that produces a good outcome, such as entitlement reform. [...]
[...] doing a good job when your enemies are attacking you. Michael’s also done great work on entitlement reform, and you’ll recognize his mug if you watch my videos on Medicare and Medicaid [...]
[...] you’re doing a good job when your enemies are attacking you. Michael’s also done great work on entitlement reform, and you’ll recognize his mug if you watch my videos on Medicare and Medicaid [...]
[...] I’ve written several times that the United States will face a fiscal crisis if entitlement programs aren’t reformed, you won’t be surprised to see that I repeat those points in this CNBC [...]
[...] the absence of entitlement reform, the burden of federal spending will double, measured as a share of GDP, and the overall burden of [...]
[...] in the right direction. A modest bit of fiscal restraint can solve the short-run challenge and some well-crafted entitlement reform can avert the long-run [...]
[...] But politicians don’t like spending caps for the same reasons that burglars don’t like armed homeowners. As Veronique de Rugy notes, if we imposed a spending cap, they would be forced to reform entitlements. [...]
[...] or later will spread to the supposedly prudent nations such as Germany and the Netherlands. And, thanks to entitlement programs, the United States isn’t that far [...]
[...] them, even if only because of dark humor – i.e., in a we’re-doomed-if-we-don’t-reform-entitlements-so-we-may-as-well-laugh kind of [...]
[...] Though it’s very dark humor for someone like me who believes in self reliance and favors entitlement reform. [...]
[...] true. If anyone thinks we’ll get something good out of this, such as entitlement reform, get in touch with me because I have some great oceanfront property in Kansas that I’m [...]
[...] But let’s not delude ourselves. This deal is not good for the economy. It doesn’t do anything to cap the burden of government spending. It doesn’t reform entitlement programs. [...]
[...] But let’s not delude ourselves. This deal is not good for the economy. It doesn’t do anything to cap the burden of government spending. It doesn’t reform entitlement programs. [...]
[...] forget that the Medicare portion of the payroll tax could and should be part of a broader agenda of entitlement reform. But that’s also less likely if the payroll tax is folded into the income [...]
[...] Our number one fiscal problem is an excessive burden of government spending. A big part of the solution is entitlement reform. [...]
[...] But what Obama conveniently overlooks is that spending on so-called public goods is only about 10 percent of the federal budget. The vast majority of government spending is for unambiguously harmful outlays on transfers, consumption, and entitlements. [...]
[...] though, since politicians have to pass a number of tests (unwavering opposition to tax hikes, support for entitlement reform, etc) before receiving the Dan Mitchell Seal of Approval. I guess this is why 99 percent of them [...]
[...] or later will spread to the supposedly prudent nations such as Germany and the Netherlands. And, thanks to entitlement programs, the United States isn’t that far [...]
[...] P.S. If we want to slay the monster in today’s cartoon, we need to copy the very successful Swiss Debt Brake and restrain the growth of government spending. And to make sure we abide by that cap, we’ll need some sensible entitlement reform. [...]
[...] Our number one fiscal problem is an excessive burden of government spending. A big part of the solution is entitlement reform. [...]
The biggest problems that deplets the SS fund and Medicare funds are as follows:
1. Very high unemployment due to the bad economy-few peole in the payroll contribute to the system, but many are taking.. The unemployment rate is not properly calculated; supposed to be much higher.
2. SS funds are being co-mingled with the general funds for ongoing fiscal expenditures.
3. The new healthcare law will further erode the Medicare funds.
4. The Medicaid in the new healthcare law will deplete further the Medicare funds, due to the increase of Medicaid recipients.
5. Rise in numbers of retired claimants for SS and Medicare due to baby bombers.
6. Medicare funds are in the hands of labor union employees who are inefficient, and lost so several million of dollar due to errors in refunds.
7. Several Millions of SS funds have been sent improperly to non-qualified people like convicts and illegal aliens.
8. In order to solve these problems, there must be independent fiscal audits and remove those non-performing dumb labor employees.
9, Another solution is improve the economy so that more people are working to contribute to the system.
10. Raise the retirement age because people are getting older, and healthier.
[...] key is the right kind of entitlement reform. Our long-run fiscal nightmare is entirely the result of programs such as Social Security, [...]
[...] forget that the Medicare portion of the payroll tax could and should be part of a broader agenda of entitlement reform. But that’s also less likely if the payroll tax is folded into the income [...]
[...] Entitlement reform must be part of the answer. [...]
[...] guy who adopted Obamacare on the state level ultimately would have botched this issue. This means good reforms are still possible, perhaps in as little as four [...]
[...] both are bad, but is it worse to bail out a bankrupt entitlement program, such as Social Security, or it is worse to bail out an industry, such as the financial [...]
[...] both are bad, but is it worse to bail out a bankrupt entitlement program, such as Social Security, or it is worse to bail out an industry, such as the financial [...]
[...] both are bad, but is it worse to bail out a bankrupt entitlement program, such as Social Security, or it is worse to bail out an industry, such as the financial [...]
[...] P.S. Oh, by the way, if anybody’s actually interested in how to solve the spending problem (you know, the one that doesn’t exist), we do know the answer. [...]
[...] Here’s a riddle for policy wonks. What do you get if you take my videos on the economics of government spending and mix them in a blender with my videos on America’s entitlement crisis? [...]
[...] payer problem). The good news is that we can easily solve the problem with a combination of entitlement reform (which deals with a direct cause of third-party payer) and tax reform (which deals with an indirect [...]
[...] obviously want comprehensive reform of all entitlement programs, so selecting just one is a bit of a challenge. Sort of like being asked to pick your favorite [...]
[...] both are bad, but is it worse to bail out a bankrupt entitlement program, such as Social Security, or it is worse to bail out an industry, such as the financial [...]
[...] The solution, of course, is entitlement reform. [...]
[...] I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of [...]
[...] mandatory spending accounts for a majority of federal spending, but it is largely exempt, so entitlement reform will still be necessary if we want to address the nation’s long-run fiscal [...]
[...] mandatory spending accounts for a majority of federal spending, but it is largely exempt, so entitlement reform will still be necessary if we want to address the nation’s long-run fiscal [...]
[...] bad news is that we won’t take necessary steps to reform entitlements, but the good news is that we won’t make things worse with the kind of statist policies [...]
[...] I do warn that permanent gridlock is not a good idea. We need genuine entitlement reform at some point in the not-so-distant future if we want to avoid becoming another [...]
[...] lawmakers want to reform entitlements to avert America’s long-run fiscal crisis. That can’t happen without giving Obama and [...]
[...] The solution, of course, is entitlement reform. [...]
[...] in a parallel universe where politicians are motivated by liberty, we can even get entitlement reform and a flat [...]
[...] in a parallel universe where politicians are motivated by liberty, we can even get entitlement reform and a flat [...]
[...] since I have low expectations, I’ll be delighted if we “merely” manage to get entitlement reform during a Romney-Ryan Administration. That would mean some progress on the spending side and [...]
[...] on the views of the President he’ll be serving), it’s virtually impossible to envision good entitlement reform, pro-growth tax reform, and any changes to lessen the likelihood of future Greek-style fiscal [...]
[...] on the views of the president he’ll be serving), it’s virtually impossible to envision good entitlement reform, pro-growth tax reform, or any changes to fiscal policy that would lessen the likelihood of future [...]
[...] based on the views of the president he’ll be serving), it’s virtually impossible to envision good entitlement reform, pro-growth tax reform, or any changes to fiscal policy that would lessen the likelihood of future [...]
[...] All it does is restrain spending so that it grows by $2.4 trillion over the next 10 years rather than $2.5 trillion. We need a much greater degree of fiscal discipline to address the long-term spending crisis – including some real entitlement reform. [...]
[...] good news, for what it’s worth, is that the House of Representatives voted for good entitlement reform in 2011 and 2012. So it’s theoretically possible that we may deal with that meteor before it [...]
[...] be sure, it’s possible to reverse this trend if we implement entitlement reform. But how likely is that given the short-sighted outlook and self-interested attitude of the [...]
[...] I think entitlement reform can make things better, though fixing Medicare and Medicaid should be seen as a necessary but not [...]
[...] are solutions, of course, but don’t hold your breath waiting for them to be [...]
[...] good news, for what it’s worth, is that the House of Representatives voted for good entitlement reform in 2011 and 2012. So it’s theoretically possible that we may deal with that meteor before it [...]
[...] can fulfill his promise the reduce the burden of government spending by implementing Paul Ryan’s entitlement reforms. But don’t hold your breath waiting for that to [...]
[...] payer problem). The good news is that we can easily solve the problem with a combination of entitlement reform (which deals with a direct cause of third-party payer) and tax reform (which deals with an indirect [...]
[...] though, since politicians have to pass a number of tests (unwavering opposition to tax hikes, support for entitlement reform, etc) before receiving the Dan Mitchell Seal of Approval. I guess this is why 99 percent of them [...]
[...] But what Obama conveniently overlooks is that spending on so-called public goods is only about 10 percent of the federal budget. The vast majority of government spending is for unambiguously harmful outlays on transfers, consumption, and entitlements. [...]
[...] also good news that the Ryan Budget calls for structural reform of entitlement programs, including Medicaid block grants and Medicare premium support. The budget also assumes the repeal [...]
[...] P.S. Oh, by the way, if anybody’s actually interested in how to solve the spending problem (you know, the one that doesn’t exist), we do know the answer. [...]
[...] But let’s not delude ourselves. This deal is not good for the economy. It doesn’t do anything to cap the burden of government spending. It doesn’t reform entitlement programs. [...]
[...] of helps to explain why entitlement reform is completely necessary if we want to keep America from a Greek-style fiscal collapse at some point [...]
[...] it’s really an entitlement problem, which is why I would have given the zombies names like Medicare, Medicaid, and Social [...]
[...] it’s really an entitlement problem, which is why I would have given the zombies names like Medicare, Medicaid, and Social [...]
[...] To be sure, that doesn’t mean we’re seeing good policies of tax reform and fiscal restraint. And we still face a very dour fiscal future unless entitlements are reformed. [...]
[...] To be sure, that doesn’t mean we’re seeing good policies of tax reform and fiscal restraint. And we still face a very dour fiscal future unless entitlements are reformed. [...]
[...] P.S. Lawmakers did repeal one of Obamacare’s tax provisions, a 1099 reporting rule that would have buried everyone under a blizzard of paperwork (here’s the cartoon version of that issue). And the Democratic-controlled Senate recently voted 79-20 to repeal the medical devices tax. So there are small reasons for optimism. And I think the bulk of Obamacare spending could be repealed as part of a Medicaid block grant if and when Washington is controlled by lawmakers who are serious about addressing the entitlement crisis. [...]
[...] P.S. Lawmakers did repeal one of Obamacare’s tax provisions, a 1099 reporting rule that would have buried everyone under a blizzard of paperwork (here’s the cartoon version of that issue). And the Democratic-controlled Senate recently voted 79-20 to repeal the medical devices tax. So there are small reasons for optimism. And I think the bulk of Obamacare spending could be repealed as part of a Medicaid block grant if and when Washington is controlled by lawmakers who are serious about addressing the entitlement crisis. [...]
[...] we shouldn’t laugh at this cartoon. As we saw with both Medicaid and Medicare, entitlement programs routinely cost far more than original [...]
[...] we shouldn’t laugh at this cartoon. As we saw with both Medicaid and Medicare, entitlement programs routinely cost far more than original [...]
[...] I hold out hope that we’ll be able to reform entitlements and take other steps to reduce the size and scope of government. And if that means total government [...]
[...] I’m a fan of entitlement reform, here’s the one I’m [...]
[...] willing to accept incremental reforms. Compared to my libertarian dream world, for instance, the entitlement reforms in the Ryan budget are very modest. But they may be the most we can achieve in the short run, so I [...]
[...] we shouldn’t laugh at this cartoon. As we saw with both Medicaid and Medicare, entitlement programs routinely cost far more than original [...]
[...] we shouldn’t laugh at this cartoon. As we saw with both Medicaid and Medicare, entitlement programs routinely cost far more than original [...]
[...] I fear that my concerns will be validated next Wednesday and we’ll see another budget that has no real entitlement reform and more class-warfare tax [...]
[...] we shouldn’t laugh at this cartoon. As we saw with both Medicaid and Medicare, entitlement programs routinely cost far more than original [...]
[...] going to have gridlock for the foreseeable future. The House has passed a decent budget with some modest entitlement reform, but there’s no way that the Senate will accept that [...]
[...] more significant that Greece is dealing with today. Assuming these nations don’t implement desperately needed entitlement reform, the you-know-what is going to hit the fan at some point. Folks with funds in a tax haven will be [...]
[...] farther and shows the lifeboat sinking. That’s basically what will happen if we don’t adopt the entitlement reforms that are needed to rein in the welfare [...]
[...] one step farther and shows the lifeboat sinking. That’s basically what will happen if we don’t adopt the entitlement reforms that are needed to rein in the welfare [...]
[...] we don’t implement the right kind of entitlement reform, our children and grandchildren at some point will curse our [...]
[...] we don’t implement the right kind of entitlement reform, our children and grandchildren at some point will curse our [...]
[...] also should have added another big challenge. In the absence of good entitlement reform, the burden of government spending will dramatically increase in coming decades and create pressure [...]
[...] also should have added another big challenge. In the absence of good entitlement reform, the burden of government spending will dramatically increase in coming decades and create pressure [...]
[...] good news, for what it’s worth, is that the House of Representatives voted for good entitlement reform in 2011 and 2012. So it’s theoretically possible that we may deal with that meteor before it [...]
[...] they responded to earlier criticisms? Have they made a more serious effort to restrain spending? To genuinely reform entitlements? To shut down useless agencies, programs, and [...]
[...] are solutions, of course, but don’t hold your breath waiting for them to be [...]
[...] other words, entitlements need to be reformed and discretionary spending needs to be reduced. Solve these underlying problems and you fix the [...]
[...] other words, entitlements need to be reformed and discretionary spending needs to be reduced. Solve these underlying problems and you fix the [...]
[...] it’s true that America’s main fiscal problem is entitlement spending. And, yes, domestic discretionary spending is a bigger problem than the defense [...]
[...] it’s true that America’s main fiscal problem is entitlement spending. And, yes, domestic discretionary spending is a bigger problem than the defense [...]
[...] this isn’t an excuse to do nothing. It just means we have to reform entitlements and also trim back the excessive compensation for the bureaucracy. This video [...]
[...] But if that’s true, why bother producing and subjecting yourself to stress when your reward is punitive tax rates? Why not participate in the easy side of the “entitlement culture” and simply take other people’s money? [...]
[…] I’ve warned about dependency and raised the alarm that we risk becoming another Greece unless entitlements are reformed, one might think I agree with the former Massachusetts […]
[…] are real change in the plan, but they’re the wrong kind of changes. Instead of the structural reforms to Medicare and Medicaid contained in the Ryan budget, the Simpson-Bowles report basically calls […]
[…] fun of Obama for his deliberate ignorance about the budget. Honest leftists admit that we need real entitlement reform, but Obama wants us to believe that the nation’s fiscal problems can be solved by targeting the […]
[…] Which is why we desperately need the right kind of entitlement reform. […]
[…] but not least, I express some optimism about the possibility of genuine entitlement reform, though I should have acknowledged that nothing good will happen while Obama is in […]
[…] but not least, I express some optimism about the possibility of genuine entitlement reform, though I should have acknowledged that nothing good will happen while Obama is in […]
[…] to prop up entitlement programs. I agree with Stein that these programs are a problem, but the solution is to reform entitlements, not to rejigger the tax code in hopes of pumping out more […]
[…] to prop up entitlement programs. I agree with Stein that these programs are a problem, but the solution is to reform entitlements, not to rejigger the tax code in hopes of pumping out more […]
[…] means entitlement reform, particularly if we want to control the size of government. But if we want to deal with the scope […]
[…] moral of the story: Entitlement reform is good policy…and good […]
[…] let’s not delude ourselves. In the absence of real entitlement reform, the United States is doomed to repeat Europe’s […]
[…] long-run fiscal problem is entitlement spending. Will politicians be more likely or less likely to reform those programs if they think tax increases are an […]
[…] Obama wants us to move in the wrong direction at an even faster pace. And he definitely opposes the types of entitlement reforms that could save the […]
[…] guy who adopted Obamacare on the state level ultimately would have botched this issue. This means good reforms are still possible, perhaps in as little as four […]
[…] the absence of entitlement reform, the burden of federal spending will double, measured as a share of GDP, and the overall burden of […]
[…] not optimistic about the long-term fiscal outlook for the United States. In the absence of genuine entitlement reform, we’ll sooner or later have our own fiscal […]