Morgan Stanley Director Erskine Bowles and Alan Simpson Still Want to Cut Social Security and Medicare

The Washington Post gave Erskine Bowles and Alan Simpson another opportunity to push their case for deficit reduction, which includes plans for cutting Social Security and raising the age of eligibility for Medicare. The Post does not mention Mr. Bowles affiliation with Morgan Stanley. This could have something to do with his persistent refusal to ever include a Wall Street speculation tax in his deficit reduction plans.

Many other countries, including the UK have long had such taxes. Much of...