It's baaaaaaaaaaaaaaack, more nonsense about Social Security. In an article about former Senator Fred Thompson's plans to cut entitlements, the NYT thoroughly intertwines the modest challenge posed by demographics (lifespans have always been getting longer, that is not new), with the problems posed by a broken health care system. As Peter Orszag, the director of the Congressional Budget Office (CBO) has repeatedly pointed out, rising health care costs will have a devastating impact on both the private and public sector if not brought under control. By contrast, the problems created by longer life expectancies are relatively minor. This is why it is absolutely outrageous that the article included the flat out assertion about Social Security that "experts say another fix is now needed." Huh? Some names of these "experts" would have been nice here. The program currently is running a surplus of almost $200 billion a year and is projected by CBO to be fully solvent until 2046 with no changes whatsoever. I know economists who want to change the program, but I don't know a single economist who claims that a "fix is needed now."
--Dean Baker