Treasury Secretary John Snow endorses big benefit cuts. Here’s his line from Tampa today. “If you are 20 or 30, the system cannot deliver those benefits, it can’t afford them. In other words, it can’t deliver on the promise.”
It’s a policy decision whether we choose whether or not to phase out Social Security. Snow is saying it’s not in our power to keep Social Security intact for those retiring in 30 or 40 years. Not true. We can make changes that will keep the program solvent through all through those people’s retirement. Indeed, it is possible that it will continue on through their retirement even if no changes are made.
Snow is saying phase-out is inevitable so he can duck responsibility for conceding that it is the policy he prefers.
