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The truth about the deficit and Social Security

Thursday 14 July 2011

This morning the Washington Post reported that the White House is offering to cut Social Security as part of a broader budget deal with the Republicans. At last we have the answer to the question everyone has been asking about the Democrats: How far can they go?

The financial collapse of 2008 has taught us to be skeptical of economic forecasts that simply spin trends out into an indefinite future. Most central bankers, economists and business leaders failed not only to foresee, but even to imagine, the colossal dimensions of that catastrophe.
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