The liberals in the media who were hoping to nail Bush to the wall with that Financial Times article (see earlier post) have found that it has blown up in their face big time. I suspect not one of them actually read the original report, which blames the massive future deficits almost entirely on Medicare and Social Security, and has nothing to do with the current tax cuts or discretionary spending.

Blogs like Instapundit and many others have picked up on this, and are spreading it around. This should be good. I expect that this story is going to get well and truly spiked in the mainstream media. But you know, that doesn't shut a story up nowadays, does it?

A quote from one of the authors of the report (Smetters):

...But still it's very clear that almost all the problems are SS and Medicare. It's not the rest of the government that's a problem. This new framework would do wonders for analysing SS reform. The president's commission - which I had the honor to help work with during my time in DC - uses the older measures since the new ones were not yet available. If they use these new measures, plans like Commission Model #2 would look terrific.

Commission Model #2 is a partial privatization proposal promoted by the Bush Administration for reforming Social Security.

Not only is Bush not the problem, he may be the solution.