A Budget for Long-Term Entitlements

Via the Real Time Economics blog, here is a link to a paper by the Brookings-Heritage Fiscal Seminar that recommends that: 

• Congress and the president enact explicit long-term budgets for Medicare, Medicaid, and Social Security that are sustainable, set limits on automatic spending growth, and reduce the relatively favorable budgetary treatment of these programs compared with other types of expenditures.
• The programs be reviewed on a regular schedule by the Social Security and Medicare Trustees or the Congressional Budget Office to determine whether they will remain within budgeted amounts.
• Significant long-term deviations from budgeted amounts trigger automatic adjustments in benefits, premiums, provider payments, or other revenues. These adjustments could only be over-ridden by an explicit vote of Congress and acceptance by the president.

It seems like the second one is already done, but the first and third would be improvements to the way these programs are handled.

Read the whole thing.