The NYT notes the current deficit problems and asks "How, for example, will the next president rein in the cost of retirement and health programs?" The better question is why should the next president rein in the cost of retirement programs?
The Congressional Budget Office's projections show that the main government retirement program will be fully funded for almost thirty years after the latest date that the next president can leave office, so why should the next president be reining in the cost, because the NYT wants it to?
It would be equally sensible to ask how will the next president rein in the cost of interest payments on the national debt. The next president could have a partial default on the national debt to accomplish this task. Since workers have already paid the Social Security taxes to fund their retirement far into the future, the NYT implicitly wants the federal government to default on the bonds held by the Social Security trust fund (the implication of "reining in the cost" of Social Security). If the NYT wants default on these bonds to be on the national agenda, then there is no obvious reason that default on government bonds more generally should not be on the national agenda.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved