Social Security’s Woes Are Worse Than You Think

While the Romney and Obama camps have made increasingly bitter accusations about each other’s plans for Medicare, a bipartisan consensus on entitlements has emerged in the past few years. Too bad that consensus is wrong.

On both left and right, the politicians and the experts are saying the U.S. needs to fix Medicare -- and have made fixing Social Security an afterthought. President Barack Obama has signed changes to Medicare into law, but has done nothing about Social Security. For two years in a row, Republicans in Congress have supported budgets that rein in the growth of Medicare spending but leave Social Security alone. Expect to hear a lot more about Medicare than Social Security at the Republican convention this week.

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