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ITEM: According to the Scripps Howard News Service on July 16th, White House Budget Director Joshua Bolten "indicated the president is anxious to act and didn't rule out the possibility that the administration will seek to 'strengthen' the federal pension program [Social Security] before November 2004.... At the same time, with the nation facing a record budget deficit, there exists no urgent need to rush since 'it's one of those problems that can be put off indefinitely because it's not going to bite for a couple of decades,' Bolten said." BETWEEN THE LINES: Social Security is much shakier than Washington likes to admit. Putting off a fix makes the day of reckoning more painful. As Michael Tanner of the Cato Institute points out, every two-year, election-cycle delay piles on an "additional $320 billion to the cost of reform."
The administration worsened matters ...