Under a 2003 law, the President is supposed to propose reforms to address Medicare's deteriorating finances.  As Mark McClellan and I explain, the administrative proposals fall way short of what is needed.  More on this in the future.  The New York Times solution: Pay for health care consumption by taxing capital.  More on this in the future.

See Letters to the Editor responding to John C. Goodman's Wall Street Journal article "Markets and Medicare."