Pete Domenici: “I was shocked--maybe I should not have been; it is almost automatic…”

On the recordOctober 26, 2000

I was shocked--maybe I should not have been; it is almost automatic, it is almost arithmetic--but the total of the cumulative interest on the IOUs and the cumulative transfers amount to $40 trillion by the year 2050. That is the IOU that we give to the American people. They will have to pay it in order to keep Social Security solvent, but nobody is being told that.

Said by

Pete Domenici

Source

govinfo.gov

Editor's note · Context

Discussing the long-term financial implications of Social Security funding.

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Pete Domenici: “I was shocked--maybe I should not have been; it is almost automatic, it is almost arithmetic--but the total of the…”

Editor's note · Context