Spelled out by James Capretta, it involves serious entitlement reform, smaller government, and lower taxes. Capretta makes his case in detail, and with loads of facts on his side. I won’t excerpt, because this is one of those pieces where an excerpt will simply not do it justice. Click on the link and read.
Of course, it is a pity that the Obama Administration will continue to give lip service to reforming entitlements, that it and the Democratic party in general will continue to claim that there is nothing wrong with Social Security and that anyone who claims otherwise is simply trying to rob Grandma of her pension, and that taxes ought to be raised and government’s reach ought to be expanded. With entitlements continuing to eat up more and more of GDP, it is long past time that we reformed the system. However, the opponents of reform have profited mightily from scaremongering every time a serious effort is made at reform. I have no reason to believe that they will change their habits anytime soon.
I should note–as Francis Cianfrocca reminds me to–that deficit spending is outraging the populace in an unprecedented manner these days, and could become an exceedingly potent political issue in the coming midterm election cycle. Francis notes that he is seeing this anger on the ground in bluest-of-the-blue New York City. Imagine how palpable the anger must be in redder parts of the country.