According to Phil Smith, National Political Director of the Concord Coalition, that cash cushion is in any case going away. “We’re entering cash deficit territory for Social Security,” Smith said, speaking at the April 20 meeting of the Economic Forum of Palm Beach County.
The federal government now pays more than $200 billion in interest on the debt alone, “and whatever it is you want from your federal government, that is $200 billion that is not available,” Smith said.
“The official position of the Concord Coalition is that everything should be on the table. You cannot look solely at benefits reduction because the cuts would have to be so draconian,” he said. Yes, lawmakers will have to be careful not to raise taxes in a way that chokes off growth. But what won’t work is to go on “taxing as if we’re a small government and spending as if we’re a big government.”