Word: peterson
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...Peterson also addressed Medicare, which accounts for most of the $74 trillion in unfunded liabilities...
...self described “equal opportunity basher,” Peterson put the situation in clear and serious terms, taking a highly critical tone towards politicians and the government in general...
...Peterson said that the country faces both methodological and structural problems...
Taking on social security first, Peterson pointed to three possible solutions: borrowing money, decreasing benefits, and increasing taxes. He ultimately concluded that the best way to address its effect on the budget deficit is by cutting benefits by reforming the wage-indexing program, which is used to calculate the amount of benefits distributed...
...Peterson added that the other two options are either politically impossible (doubling payroll taxes) or economically infeasible (continuing to borrow money from foreign countries...