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...Peterson also addressed Medicare, which accounts for most of the $74 trillion in unfunded liabilities...

Author: By Lev Menand, CONTRIBUTING WRITER | Title: Tri-Deficit Problem Looming | 10/7/2005 | See Source »

...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...

Author: By Lev Menand, CONTRIBUTING WRITER | Title: Tri-Deficit Problem Looming | 10/7/2005 | See Source »

...Peterson said that the country faces both methodological and structural problems...

Author: By Lev Menand, CONTRIBUTING WRITER | Title: Tri-Deficit Problem Looming | 10/7/2005 | See Source »

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...

Author: By Lev Menand, CONTRIBUTING WRITER | Title: Tri-Deficit Problem Looming | 10/7/2005 | See Source »

...Peterson added that the other two options are either politically impossible (doubling payroll taxes) or economically infeasible (continuing to borrow money from foreign countries...

Author: By Lev Menand, CONTRIBUTING WRITER | Title: Tri-Deficit Problem Looming | 10/7/2005 | See Source »

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