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Wall Street Journal says we may need to cut Social Security benefits if we want to continue the policy of offering tax cuts to millionaires and billionaires. The bond market won't allow us to borrow the money to fund the tax cuts forever.

http://online.wsj.com/article/SB1000142405274870407380457602...

The latest tax deal appears to rule out tax increases, possibly for good. Federal taxes currently account for about 15% of the gross domestic product—lower levels than we ever saw under Eisenhower or Reagan, and the lowest since 1950.

If we don't raise taxes, we are left with two options: a financial crisis, or deep spending cuts. Assuming we embrace the latter, that would mean going after Social Security and Medicare. After all, that's where the money is. These two programs already account for a third of the entire federal budget, and that proportion is set to rise dramatically, as the population ages and the baby boomers retire.

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