What Would it Take to Cut Government Spending?

What Would it Take to Cut Government Spending?

Runaway federal spending isn’t likely to be brought under control as long as the major entitlements – Social Security, Medicare and Medicaid – remain out of control. The number of entitlement beneficiaries is growing faster than the number of taxpayers, entitlements account for more than half of federal spending, and unfunded liabilities (obligations not covered by payroll taxes) exceed $100 trillion.

To be sure, the Social Security and Medicare Boards of Trustees just released a report that tries to be upbeat, claiming Obamacare improves the long-term prospects of those entitlement programs. But readers who venture beyond the headlines find that...