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He didn't. The only two things he did made entitlements more insolvent.
First, he stole $700 billion from Medicare.
Second, he gave low-income taxpayers a tax cut -- but since they actually don't pay income taxes, he cut their payroll taxes. This is of course the funding mechanism for entitlements. Take money out of that stream and you cause SS and Medicare (and Medicaid) to go broke more quickly.
Which is what has happened.
Kaus notes that one of Obama's complaints about the media -- which he claims is biased against him -- is that he doesn't get enough credit for being willing to cut Social Security and Medicare benefits.
He particularly believes that Democrats do not receive enough credit for their willingness to accept cuts in Medicare and Social Security, while Republicans oppose almost any tax increase to reduce the deficit.
Does he still want this credit?
I have a feeling he doesn't, and will now criticize the media for mentioning his willingness to cut Social Security and Medicare.
Bonus: Obama vs. Ryan, alternating with Obama supporting Ryan, on Medicare reform. Listen make sure you listen to him from 3:57 on. Actually makes some good points... which will be helpful to Romney/Ryan at the end.