Blog Junky
a group blog for the political omnivore (objective and equitable)


Friday, May 30, 2003  

Guess what.
82% of that huge deficit that Jon projected my kids will owe is going to be paying for socialized medicine. As it turns out, the transcript of the interview behind the story reveals that this is:

mostly just a change in accounting methods

But old or new, the present value of entitlement liabilities has never been tallied as part of the national debt (people like Milton Friedman, Alan Greenspan -- and I, too! -- have been complaining about that for years). Until that happens, we're just talking about what amounts to an informational footnote -- and one way of calculating that footnote versus another. We're not talking about anything that would be included in "the budget" as it is commonly understood or reported on.
and some bogus bogons
If the President's budget says the Social Security and Medicare deficit is $16 trillion over 75 years (which it does, $3 SS and $13 Medicare) and then somebody comes along and says the SS/Medicare deficit is $41.6 trillion over 500 years ($7 SS and $36.6 Medicare), then reasonable people are going to say, "Ok, I can see that," rather than getting all wound up over it.

and definitely not some eeeeeevil Bush family scheme.

If this is a foretaste of the Democrat's battle for the presidency, things aren't looking really bright. I have to admit that my dislike of the recent tax cuts made me latch on to this - thanks to the blogsphere, I feel like I can relax a little. I still think that the deficit is an issue that needs fixing, but you're not going to have to project things out 500 years to get me onboard.

Via Instapundit

posted by Calvin | 11:47 PM

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