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An aide to the Republican-led House Ways and Means Committee, who spoke on condition of anonymity under committee protocol, said AARP's position was a welcome acknowledgment that Social Security would be unable to pay future benefits at the current rate and that it must be restructured.
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Conversely, it has taken the EU too long to accept standard IMF practice: when a country is bust its debt must be restructured.
Second, international lenders need to be clear-eyed: if a country cannot repay its debts, they must be restructured early and decisively.
It is ironic that an editorial page that once proclaimed that the American International Group "must be restructured for taxpayers to have a shot at recouping some of the bailout billions" (Aug. 12, 2009) and doubted that the company could repay its rescue would now say it is "not important" whether the government profited from it.
So, in practice, Plan B involves going in one of two directions: either other EU members must give Greece enough money, for long enough, to reduce its debt burden to a sustainable level, or that debt must be restructured.
2. Most economists believe debt must be restructured.
This newspaper has repeatedly argued that the debts of Greece, Ireland and Portugal are unpayable and must be restructured.
Debt must be restructured, tax abatements are extended (which comes at a cost to tax collections).
Health care must be restructured to make maximizing health the organizing principle".
Inefficient state-owned companies must be restructured (as they were in recent decades in many European countries).
But he said that before the government could spend more on Medicare, the program must be restructured.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com