The Protectionists' Chart on the Entitlement Problem

The Wall Street Journal was good enough to give us "our entitlement problem for the next generation in one CBO chart." The featured chart shows the projected discounted cost of Medicare benefits compared with the discounted value of the taxes paid in. It shows that the former is around three times the latter for the baby boom cohorts.

While this may look like the baby boomers are getting a real bonanza on their health care the real story is that the doctors and the drug companies are getting...