George Will, on the enormity of what just occurred:
On Sunday, as will happen every day for two decades, another 10,000 baby boomers became eligible for Social Security and Medicare. And Congress moved closer to piling a huge new middle-class entitlement onto the rickety structure of America’s Ponzi welfare state. Congress has a one-word response to the demographic deluge and the scores of trillions of dollars of unfunded liabilities: “More.”
There will be subsidized health insurance for families of four earning up to $88,200 a year, a ceiling certain to be raised, repeatedly. The accounting legerdemain spun to make this seem affordable — e.g., cuts (to Medicare) and taxes (on high-value insurance plans) that will never happen — is Enronesque.
As America’s teetering tower of unkeepable promises grows, so does the weight of government, in taxes and mandates that limit investments and discourage job creation. America’s dynamism, and hence upward social mobility, will slow, as the economy becomes what the party of government wants it to be — increasingly dependent on government-created demand.
Promoting dependency is the Democratic Party’s vocation. The party knows that almost all entitlements are forever, and those that are not — e.g., the lifetime eligibility for welfare, repealed in 1996 — are not for the middle class. Democrats believe, plausibly, that middle-class entitlements are instantly addictive and, because there is no known detoxification, that class, when facing future choices between trimming entitlements or increasing taxes, will choose the latter. The taxes will disproportionately burden high earners, thereby tightening the noose of society’s dependency on government for investments and job creation.
Eventually, of course, the government will run out of other people’s money. I shudder to think about the wrenching realignment that will be required then.