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Just to elaborate: the projected Social Security shortfall over the course of the next 75 *years* is $3.7 trillion. That's assuming we have no growth, and no changes are made to the Wage Base limit.

The real budget-killer is the growth of Medicare. Of course, it's not Medicare that's the killer, it's the growth of health care spending. We can address that by getting smarter about how we spend our money (i.e. single-payer, and "rationing") or we can do it by denying care to old people.

The "conservative" approach of sprinkling magical laisez-faire capitalism dust over everything is likely to be unsuited to the magnitude of the task.

by oboe on Sep 9, 2011 9:29 am • linkreport

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