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Paul Krugman: Fighting Fiscal Phantoms

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he deficit scolds aren't giving up. Now yet another organization, Fix the Debt, is campaigning for cuts to Social Security and Medicare, even while making lower tax rates a "core principle." That last part makes no sense in terms of the group's ostensible mission, but makes perfect sense if you look at the array of big corporations, from Goldman Sachs to the UnitedHealth Group, that are involved in the effort and would benefit from tax cuts. Hey, sacrifice is for the little people. So should we take this latest push seriously? No -- and not just because these people, aside from exhibiting a lot of hypocrisy, have been wrong about everything so far. The truth is that at a fundamental level the crisis story they're trying to sell doesn't make sense.

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At www.nytimes.com

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