Dean Baker fisks Matt Bai on Social Security.

Why are we even discussing Social Security?

Matt Bai:

The party’s liberal activists rejected Mr. Muskie’s argument. They reacted with the same disdain 20 years later, when President Bill Clinton declared an end to the "era of big government." They opposed the creation of Mr. Obama’s debt panel for the same reason.

Yes Bill Clinton partnered with Republicans to deregulate a financial system whose recent collapse wrecked the economy. Big government saved us from a second Great Depression.

Matt Bai:

But at a time when the nation faces its second straight budget deficit of more than $1 trillion under their watch, some Democrats in Congress may be more inclined to accept the proposition that budget reform is essential to the endurance of liberal government.

The deficit was caused by Big Government bailing out the private sector after the financial crisis. Also, tax revenues declined because of the recession. Once the economy grows again we can pay down the debt, just as Bill Clinton did ten years ago.