It has been said that Washington has two standard responses to America’s challenges: do nothing, or overreact. We are all witnessing President Biden’s $6 trillion overreaction to the (improving) economy and our (very loosely defined) infrastructure needs. At the same time, Washington is doing nothing about an economic challenge that will ultimately cost many times more than $6 trillion and risk the economic security of tens of millions of Americans: the collapsing finances of the Social Security and Medicare systems.
Brian Riedl is a senior fellow at the Manhattan Institute.
