"Commentary"-Saving Social Security
Thursday, February 21, 2008SUZANNE PRATT: Tonight's commentator says the presidential campaign brings with it more plans to save Social Security. He's James Pethakoukis, business editor at "U.S. News & World Report."
JAMES PETHOKOUKIS, BUSINESS EDITOR, U.S. NEWS & WORLD REPORT: If you're a political junkie like me, you've been having a great time the past few months. This presidential primary season has been full of fascinating twist and turns. It's hard to believe that we still have another nine months of campaigning before Election Day next November. But while the battle for the White House is going to be exciting, the candidates are sure to say things that will just drive me nuts.
Like when Clinton, Obama and McCain call for a commission to come up with a plan to save Social Security. Now let me tell you, folks, Washington is full of plans to save Social Security. It's really not that complicated. You either cut projected spending or you raise taxes. Calls for commissions are just a big political dodge. Another brain buster is when McCain says he would make the 2001 and 2003 Bush tax cuts permanent. They're due to expire in 2010. Now unless McCain has a pretty big GOP majority in both the House and the Senate, the best he could really hope to do as president is extend the tax cuts for another five years or so.
My mind also tends to begin melting when Obama and Clinton say they'll pay for higher government spending by raising taxes on the rich. Sorry, but that'll only get them an extra $50 billion or so a year. Obama for instance, wants to increase spending by more than $200 billion a year and he has said little about cutting spending. In fact, none of the remaining contenders has been specific about how they would balance the budget or even if they want to. And that's something that should drive you nuts. I'm James Pethokoukis.
