Galbraith: Is This the End for the Deficit Drones?
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This is exactly right. Social Security, Medicare and Medicaid are not merely a transfer from the young. They are part of the fabric of our lives. They free us all – every single one of us, young and old – to be less worried, less fearful, a bit more independent, and a little less cautious than otherwise. Certainly old people are better off when they have a regular income and health insurance. But working people are also better off, directly and indirectly, every day.
There are some, like Mr. Peterson and his allies, who don't like this. Their motives are plain. But now the president seems to have made his choice. The word he used was “commitment.” Again, exactly so. That's what Social Security, Medicare and Medicaid are. President Obama took a great step, when he said so.
Now it's time for Congress to stand with him, to say no to blackmail, no to fake fixes, no to disguised cuts, no to fear -- and no to those deficit drones.
James K. Galbraith is the author of “Inequality and Instability: A study of the world economy just before the Great Crisis.” He teaches at the University of Texas at Austin.