Well, its probable (although not certain) that, within two or three decades, the Social Security trust fund will be exhausted, leaving the system unable to pay the full benefits specified by current law. So the plan is to avoid cuts in future benefits by committing right now to ... cuts in future benefits. Huh? O.K., you can argue that the adjustment to an aging population would be smoother if we commit to a glide path of benefit cuts now. On the other hand, by moving too soon we might lock in benefit cuts that turn out not to have been necessary.
URL: http://www.news-medical.net/news/20130119/Viewpoints-Krugman-cautions-against-locking-in-benefit-cuts-that-may-not-be-necessary3b-Lift-the-freeze-on-CDCs-gun-research.aspx
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