"Here it comes: economic Armageddon. Reckless promises to finance the future costs of health care and retirement contribute to a crushing debt burden on American families that can be relieved only by cutting back on the size of government.
"Mitt Romney has made this position the centerpiece of his presidential campaign. But it is misleading, for reasons that go beyond nomenclature to touch the very conceptual heart of public finance.
"Mr. Romney seems to believe that government spending cuts would simply reduce unfunded liabilities — projected commitments that are not covered by projected revenues. But they are likely to simply redistribute these liabilities, shifting them from government to individuals — especially those with children to educate, or sick, disabled or frail family members to care for. ..." <Read more>
First published in the New York Times' Economix, June 4, 2012.
