Extending Bush Tax Cuts Is Twice The Cost Of The Social Security Shortfall

This graph (via Mark Thoma) tells an important story.  Republicans continue to spread alarms about the shortfall in Social Security over the next 75 years.  Many American's have been misled into believing that Social Security will not be there when they retire.  That has the effect of decreasing support for Social Security in the electorate, and raises concerns, in general, about the cost of government support programs.  It turns out that extending all of the Bush tax cuts is twice the projected shortfall in Social Security.  The cost of extending the upper income tax cuts is almost equal to the Social Security shortfall.

The bottom line is that the war on entitlements is essential to pay for the cost of the upper income tax cuts.  The so called budget deficit hawks should be focused on letting the Bush tax cuts expire in accordance with the legislation that made them temporary. The are really tax cut hawks wearing the disguise of deficit hawks.