Deficits and Social Security Exaggerating

For a quarter-century Peter G Peterson Foudation has been exaggerating long term costs of Social Security and Medicare. In truth, social security is close to balance - 75 year year projected deficit is just one half of 1% of gross GDP. Medicare is seriously in deficit tho but reform of medicare consistent with high quality health care depends on tackling the deeper drivers of medical inflation.

But let's look at other exaggerations. 37% of the 2009-2012 deficit stems from the recession itself,because of revenue losses and increased automatic relief outlays. Another 33% reflects Bush era tax cuts and Bush programs like Medicare Drug benifits, the military build up 20% more. Only 7% came from the Obama stimulus all other domestic spending adds just 3%.