Moving the Transition Off-Budget

The Republicans' are considering building on their rather comprehensive record of fiscal irresponsibility by moving forward with a horrendous idea in the Social Security reform debate. As the Washington Post's Jonathan Weisman writes:

Republican budget writers say they may have found a way to cut the federal deficit even if they borrow hundreds of billions more to overhaul the Social Security system: Don't count all that new borrowing.

As they lay the groundwork for what will probably be a controversial fight over Social Security, Republican lawmakers and the Bush administration are examining a number of accounting strategies that would allow the expensive transition to a partially privatized Social Security system without -- at least on paper -- expanding the country's record annual budget deficits. The strategies include, for example, moving the costs of Social Security reform "off-budget" so they are not counted against the government's yearly shortfall. (emphasis added)

How freaking moronic.

The idea of adding private accounts to Social Security is one that should not be rejected out of hand. But everyone who is serious about the policy knows that there are large transition costs involved in moving from today's pay-as-you-go system to something that is partially funded.

Ignoring those costs does not improve the debate or ensure better policy.

It just shows that the Republicans do not really care about adding a trillion or two dollars to the debt with which our children, grandchildren, and future generations will have to contend -- as long as they do not have to face the political consequences today.

I would really love to have someone in the GOP explain to me the moral values structure which allows saddling future generations with such a hidden bill.