Krugman vs. Krugman

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I write for the Post editorial page, including sometimes on Social Security, and, um, the editorial said nothing about panicking. It quoted one Bill Clinton, circa 1998, saying: "Every single year we avoid resolving this, it will get harder and harder and harder."

The brunt of Krugman's ire is directed at Democratic presidential candidate Barack Obama for daring to suggest an increase in the amount of income subject to Social Security payroll taxes -- and using the "c" word (crisis) in an interview with National Journal's Linda Douglass. Krugman says the Illinois senator is being "played for a fool" by raising concerns about Social Security and criticizing Hillary Clinton for ducking the issue.

Hard to square with Krugman of 1996, who praised "sensible proposals" to "slow the growth in benefit levels, gradually raise the retirement age . . . and -- last but not least -- raise taxes moderately now, rather than massively later."

I acknowledge: Medicare is a bigger problem than Social Security. It's also harder to solve, both because it is more complicated and because it involves the larger question of rising health-care costs. That doesn't argue for ignoring Social Security but for tackling it first.

Also, Social Security's problems may not be as large as projected if economic growth is better than anticipated. Likewise, my salary might increase faster than I expect in the next 20 years. Yet that doesn't mean I should stop saving for retirement.

"Where is the crisis? Just over the horizon, that's where. . . . Responsible adults are supposed to plan more than seven years ahead. Yet if you think even briefly about what the Federal budget will look like in 20 years, you immediately realize that we are drifting inexorably toward crisis; if you think 30 years ahead, you wonder whether the Republic can be saved."

Another Beltway doomsayer? No, Paul Krugman, responsible adult.

Subscribe to the podcast of this column athttp://www.washingtonpost.com/podcast. The writer's e-mail address ismarcusr@washpost.com.