Abstract
To bail out the banks, and more generally Wall Street, and as a result of their profiteering, the nation faces a great deficit. It is premature to deal with it, but when the time comes, it should not be closed by scaling back social programs and entitlements. Such a way to deal with the deficit would in effect amount to a two-step major wealth transfer from the most vulnerable Americans to the most endowed. (First the funds were given to Wall Street; next they will be taken from the poor and working-class Americans, to cover the shortfalls). There are other sources for reducing government expenditures and for new revenues.
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