Social Security and the new fiscal policy: Bush would put the costs of Social Security privatization on the national tab, just like his tax cuts, wars, and Medicare drug benefit.(A Special Report On Saving Social Security)

THE MOST PROFOUND, AND PROfoundly disturbing, innovation in budget policy during the administration of George W. Bush has been to discard the old-fashioned notion that presidents who propose a tax cut or new spending should also propose some way to pay for it. That practice, apparently, is just soooo 20th century.

Observers of this administration's fiscal policies won't be surprised to learn that the president's preferred way (according to presumably authorized leaks) to pay for the so-called transition costs of partially privatizing Social Security is to not pay for them at ...

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