The New York Times has a wonderful tool for understanding how the recommendations of the presidential deficit commission could work to close the estimated annual budget shortfalls in the future. You simply go through and select spending cuts and tax increases until the budget shortfall is corrected for both in the present and future….
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Far from being an investment program, Social Security is a pay-as-you-go operation where new revenues are spent immediately and future entitlements are funded exclusively through the promise to tax workers in the future, many of whom haven�t even been born yet. It is taxation without representation in the most cynical sense. The program is…
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