Jenkins: None Dare Call It Default - WSJ.com: "If politicians weren't eager to be re-elected, the trust necessary to be an investor would vanish altogether. While there is no escaping our challenges, there is a path in which the economy grows strongly and we don't savage each other, and there is the other path. For years the trustees of Social Security and Medicare were accused of exaggerating the programs' deficits by envisioning that America's long-run growth would become more like Europe's. Now who doesn't fret that America's growth is becoming permanently slower like Europe's? Which brings us to President Obama. He knows cuts are necessary but seeks to position Democrats politically as the defender of all spending. Notice that, with ObamaCare, he is deliberately creating a constituency of the young to set against the old in future fights over the allocation of federal health care dollars. . . ."
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