Here’s my own “partial” transcript of Orszag’s words:
“To get a significant debt limit increase, I think there’s going to have to be some entitlement reform, as part of that.
If I were in the Administration, I think the single best thing to do (cut/reform) at this point, is Social Security.
And the reason is several fold. First, that it, ah, from the Democrats’ perspective, private accounts are definitely “off the table” for now. But that will not always be the case. So you might as well strike while you’ve got a win on that.”
Quite a ‘telling’ few minutes, isn’t it.
First, we learn that some Democratic policymakers/advisors would actually consider eviscerating Social Security as a trade off for something as mundane as a debt limit increase, which for years was never a negotiating tool.
And then he admits that he believes that Democrats will go along with private accounts—but just sometime in the future.
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