Should Increasing the Progressivity of Entitlement Benefits be Part of a 21st Century American Social Contract?
Most economists and fiscal experts, conservative as well as liberal, agree that the current economic downturn requires that government use its spending power to boost demand and employment and to mitigate cuts at the state and municipal level. As a result, the federal government is all but certain to run record budget deficits for at least the next two years. At the same time, senior officials in both political parties have emphasized the need for longer-term restraint that will restore the balance between revenues and obligations, a goal that is bound to refocus attention on the largest and most rapidly growing domestic programs – such as Medicare, Medicaid, and Social Security – as well as on our deteriorating and outdated revenue base. Over the past century, Americans have created their own distinctive social contract. For many reasons, programmatic as well as fiscal, this contract stands in need of fundamental revision. In that context, proposals to tie program benefits more closel
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