The news is full of angst about S&P’s dropping the government’s credit rating. But you’d have to look far and wide to find any reference to S&P’s stated reason: they don’t believe our government has the political will to reform the entitlement system. I don’t see where they’re wrong.
The three big entitlements are Social Security, Medicare, and Medicaid. When President Bush proposed baby steps to begin working on Social Security, he was lambasted by the Democrats. When Senator Ryan proposed a more robust but still modest plan for fixing Medicare, liberals launched the “Mediscare” campaign. Bush’s proposal is long dead; Ryan’s proposal has no chance. So, we are left with the Democrat’s plan.
What’s the Democratic plan? There isn’t one. Maybe just let Medicare collapse under it’s own weight? Maybe raise taxes and throw more people out of work? Your guess is as good as mine.
I probably wouldn’t like Obama’s plan, but I dislike the lack of a plan even more. So far, on this topic at least, he’s demonstrated a total lack of leadership.
Ultimately, Democratic politicians will produce a plan, or else there will be no more Democratic politicians. They need a plan and the sooner the better.