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Home Publications Blogs Beat the Press Washington Post Continues Its Crusade for Cutting Social Security and Medicare

Washington Post Continues Its Crusade for Cutting Social Security and Medicare

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Wednesday, 03 August 2011 03:25

Fox on 15th Street had another front page editorial calling for cuts in Social Security, Medicare, and Medicaid. It told readers:

"Foreign investors and economic analysts see further action as crucial to restoring the United States’ financial reputation."

Without actually citing any investors or analysts it then added:

"On Tuesday, critics in China and elsewhere warned that the initial debt-reduction package, which would cut about $1 trillion from agency budgets over the next decade, is too modest. And they complained that the last-minute agreement will not tackle the dangers that national health and retirement programs pose to the government’s long-term fiscal health."

It would have been interesting to know who these critics were. The reaction of actual investors in the market was the opposite. Interest rates on U.S. Treasury bonds have been falling for most of the last month and fell again yesterday. The investors who are putting trillions of dollars oon the line apparently have a different assessment of the country's financial situation than the Washington Post.

Comments (3)Add Comment
...
written by Jeffrey Stewart, August 03, 2011 7:27
What is the danger of retirement programs, i.e., Social Security for the nation's fiscal health?
"Critics in China" - Laughable
written by Paul, August 03, 2011 11:24
Who writes this garbage for the Post? Have all the editors been fired? Do they just bring people in off 15th Street to write this stuff?
...
written by Jay, August 03, 2011 2:01
Are the critics in Antarctica? We know most of the developed world has a better social safety net and work life balance than us.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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