SS reform will be very hard for the reasons cited in this piece.
Earlier this week on CSPAN I watched a session of the House Ways and Means Committee discussing the urgent need for not only reform of SS, but the propensity for Congress to deficit spend. We are headed for a real crisis, driven by the big three entitlement programs, SS, Medicare and Medicaid. The inexorable demographics make the costs of these programs unsustainable after 2008 or thereabouts without a major overhaul of government spending, program eligibility, benefits and taxes.
Clearly, we're on an unsustainable path nationally, similar to the fiscal crisis we face in Vermont with escalating personnel costs in education while K-12 enrollment declines, the state's share of Medicaid and the costs of health care. This coupled with already high taxes, the worsening condition of highways and bridges, and the human services costs for welfare and corrections means we have a looming crisis here at home.
While our economy is reasonably healthy now, that will change quickly if interest rates rise rapidly and the costs of energy dampen growth. I see very tough financial times ahead, while we wage the costly war on terror.
Dan Rather sponsors "courage." I think we need fiscal and personal discipline instead.
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