ABC: Social Security Running Out of Money?

Part of ABC‘s This Week show (8/19/12) was devoted to the idea that, as host Jake Tapper put it, the U.S. economy is at a potentially defining moment:

The great debate: Can we restore the nation’s finances, or is the U.S. headed toward bankruptcy–an issue at the forefront of the presidential debate, especially since Mitt Romney’s selection of Congressman Paul Ryan.

Setting aside the notion of “bankruptcy,” it’s worth pointing out that despite Ryan’s professed interest in taming the debt, his budget plans don’t actually do much of that. The “all-star panel of experts” was going to tackle this weighty issue, but first Tapper set the stage by pointing out that the “fiscal cliff” cuts in spending of $110 billion would be “like wiping out the economy of both the Dakotas and Montana overnight. Goodbye Mount Rushmore.”

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