Friday, December 17, 2004

Meanwhile, back at the "economic summit"

More breaking news from the Administration's "economic summit." President Bush's Ron Ziegleresque spokesman, Scott McClellan, is quoted as saying afterwards: "Markets will look favorably on a plan that addresses the long-term sustainability of Social Security."
Doesn't this depend on exactly how the Administration addresses sustainability? For starters, whether they make it better or worse? In their own special way, they have been tirelessly addressing overall fiscal sustainability for the last four years.
Plus, at the risk of tedious repetition, if they wipe out $10 trillion of Social Security fiscal gap but add $12 trillion via permanent tax cuts and AMT relief, just how much credit do they hope to get from the financial markets?

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