As a consequence, our ability to rein in deficit-expanding initiatives, should they later prove to have been excessive or misguided, is quite limited. Thus, policymakers need to err on the side of prudence when considering new budget initiatives.
Programs can always be expanded in the future should the resources for them become available, but they cannot be easily curtailed if resources later fall short of commitments. I fear that we may have already committed more physical resources to the baby-boom generation in its retirement years than our economy has the capacity to deliver.