Perhaps as early as March, they’ll launch their biggest lift with the beginnings of a plan to reform Social Security and Medicare, the two entitlement programs that, even before the economy collapsed, were threatening the Treasury with bankruptcy…. When Obama unveils his annual budget in late February or March, Summers promises that the president “is going to describe the kinds of approaches he wants to take to the entitlement problems that have been ignored for a long time.” Some options might include delaying retirement, stretching benefits and lifting the cap on taxable earnings….
On that front, Republicans could come to Obama’s rescue. Senate minority leader Mitch McConnell has told Obama in person that his party favors entitlement reform and would work for passage if both parties shared the risk.
That’s right, one of the geniuses largely responsible for the formation of our current economic crisis is being lauded by Time–and so many other corporate outlets–for alarmist Social Security misinformation thoroughly debunked for years now. Or, as Schwarz notes in his usual pithy way: “It really required a Democratic president full of hope and change to cut Social Security.”