What is the grand bargain? It boils down to lower tax rates for rich people — paid for by benefit cuts for Social Security, Medicare and Medicaid. These are precisely the issues that are being debated so vigorously in the campaign, and voters do not want anything to do with such a deal.
The pundits will tell you that Democrats have no choice but to accept Social Security and Medicare benefit cuts — because this is the only way Republicans will agree to more tax revenue. This is the grand bargain.
We could not disagree more.