Don't pull plug on entitlements

February 25, 2013 

What is it that everyone agrees to while also finding valid reasons to be against? The answer to this riddle is the U.S. government and its entitlements.

These are Social Security, Medicare and Medicaid, plus a large number of other entitlements often of questionable value. It boils down to those who directly benefit from these programs and those who see themselves paying for them. What can also be a source of paying for this government largess is deficit spending.

A way out of this dilemma is found in the theories of Lord Keynes. He maintained that government cannot owe itself whatever it borrowed in the first place. On this premise, we fought World War II. Now we owe (or don't owe) a staggering amount — in the trillions.

To pull the plug on entitlements would be catastrophic. We need to live by the perimeters of today and make adjustments as needed, with an eye to not allow an overly Keynesian formula to hold sway.



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