David Brooks can’t add

Fact-checking David Brooks could be a full-time job. Just yesterday, he wrote this about the federal budget problem: Raising taxes on the rich will not do it. There aren’t enough rich people to generate the tens of trillions of dollars required to pay for Medicare, let alone all the other programs. Almost every word of this is wrong. Medicare doesn’t require “tens of trillions,” unless your budget horizon is something like twenty years. This year, Medicare will cost $572 billion. In 2020, according to the CBO, it will cost $949 billion. Over the… Read More