With the state of Medicare and Social Security deteriorating, at least President Obama isn’t unnecessarily piling up other massive fiscal obligations that will make the crunch much worse when it comes. Okay, never mind . . .
One reason that this health-care debate is so crucial is that it might be Obama’s last chance at a free lunch, another huge, underfunded initiative before he begins to have to pay for things with tax increases. We’ve gone from a Washington where Republicans argue that tax cuts pay for themselves, to one where Democrats argue that spending pays for itself (the stimulus will stoke growth and tax revenues, health-care reform will reduce costs, every spending program is an “investment,” etc.).