The AMT patch and the Bush tax cuts have been extended without offsetting tax increases or spending cuts, in part justified by the relatively modest budgetary cost of a short-term extension.

FORBES: Three Strikes and You're Out for Tax Extenders

For liberals, it means that, without big unpopular tax increases, government is deeply constrained in its ability to address new challenges.

FORBES: How Obama's Inaugural Address Frames The Policy Debate For The Next Decade

According to calculations by the Social Security administration's chief actuary, however, it is possible to transform Social Security fundamentally without resorting to tax increases or benefit cuts if we exercise reasonable restraint on federal spending growth and prudent borrowing to finance the transition to a new system of large personal-retirement accounts.

ECONOMIST: Letters | The