One More Example Why Brad DeLong's Semi-Daily Journal is the Best Read In Blogging

This piece dissects Joe Lieberman's recent recapitulation of the Bush argument that every year we do nothing to fix Social Security increases the costs by $600 billion This about as phony figure as phony gets. It completely misunderstands the concepts of present value and discounting and swallows whole the Bush use of the infinite time horizon. This follow up by Krugman with DeLong's commentary is priceless.