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Justin Fox

Beware of Economists Crying 'Entitlement Explosion'

Our inability to speak frankly about the nation's fiscal situation has real consequences.
Someone has to pay.

Someone has to pay.

Photographer: Paul J. Richards/AFP/Getty Images

A quintet of notable Republican economists (one of them a former secretary of both Treasury and State) has a warning for our nation. For years, big, chronic federal deficits have loomed in the country's future. Now, Michael J. Boskin, John H. Cochrane, John F. Cogan, George P. Shultz and John B. Taylor write in the Washington Post:

A few paragraphs later, the five -- all senior fellows at Stanford University's Hoover Institution -- add: