President Obama is now widely acknowledged to have defaulted on his leadership obligations by opting for an election-driven budget that ignores economic reality and the guidance of his Fiscal Reform Commission. Fortunately, there are signs that a bipartisan group of senators is willing to step into the vacuum and take steps to roll back the growing debt that threatens the foundation of our prosperity and freedom.
But not so fast! Suddenly Democratic leaders Reid and Schumer, with at least the acquiescence of President Obama, are demanding that Social Security be excluded from any effort to deal with the federal budget outlook. They argue that Social Security has nothing to do with the deficit and should not be part of any solution. This reveals a terrible misunderstanding of economic and budgetary facts.