Do we need an bipartisan commission to fix the entitlement mess?
There is an economic tsunami off the coast and it's ready to wipe us out. So says Representative Frank Wolfe, R-Va. He's right. There is a tsunami. The triple death threat is Medicare, Medicaid and Social Security. These underfunded mandates threaten to destabilize the AAA bond rating that Uncle Sam carries on its debt. In fact we learned that this may just happen to Britain.
We know it's not a lack of information. It's a lack of political will. Nobody wants to commit political suicide and increase taxes or decrease benefits for any of these entitled programs. Remember, the people see themselves entitled to them. Nobody, but nobody will touch them.
One proposal out there involves creating a "bipartisan committee" to tackle the problem and create an all or none proposal. The Grand Bargain. Political cover for the wimps on the Hill.
The entitlement mentality was a political phenomenon used to buy votes. It has worked like a charm for over 1/2 a century. It is not about protecting the people. It's about protecting politicians. This is why economics and politics don't mix. Politics will always win the sprint, while the laws of economics will always win the marathon.
The only way to solve this political entitlement problem is to take the solution out of the hands of politicians and put it back into the laws of economics. Only then will it fix itself.
We are entitled to nothing in this world except freedom and office magazines
You're right. However I don't foresee any successful effort for entitlement reform ever coming out of Washington, ever. What needs to happen and what will likely happen are two entirely different things.
ReplyDeleteI will say, however, that ultimately, the laws of economics will win out, it'll just be in the bankruptcy of our nation. At this point, politicians are just postponing the inevitable. True to form, our nation has no interest in long term stability, only short term gratification. The people got the government they deserved, an overspending, refuse to be told no, complete and utter mess. Bleak? Hell yes.