Academic

JACOB SULLUM: ALAN SIMPSON AND THE SACRED COW. ?The reaction to the former senator?s comments on S?

By Glenn Reynolds

JACOB SULLUM: ALAN SIMPSON AND THE SACRED COW. “The reaction to the former senator’s comments on Social Security shows he’s right. . . . Just three entitlement programs?Medicare, Medicaid, and Social Security?account for two-fifths of federal spending, representing 10 percent of GDP. Without reform, they are expected to consume half of the budget and about 20 percent of GDP by 2050. . . . Social Security is neither a pension fund nor a means-tested assistance program for the needy. It is a pay-as-you-go system of transfer payments that takes money from relatively poor workers and gives it to relatively affluent retirees.”

Full post as published by Instapundit.com on September 01, 2010 (boomark / email).