Political Quotes

“If the Lord has mercy on us, I won't use all of that time. Federal spending, this is one I have never used on the floor. It has been several years ago that I remember reading--I think it might have been in The Economist magazine. It was talking about, in the 1970s, for every dollar spent on seniors, we spent $5 on young people, and that, today, for every $5 we spend on seniors, we only spend $1 on young people. It is completely reversed. This is basically what we are trying to say: Today, for folks 65 and older--and this is a 2015 number because it is the newest number I could find in the literature--we will spend $35,000 a year on seniors and $5,000 on young people. Just understand that is what happens when your demographic curve changes. We have updated this, and we have vetted it. This is conservative. We were careful on this number. In 1960, we had 5.1 workers for every 1 person on Social Security. In 2035, where we are heading, we believe the math to be 2.3, and that number is assuming a stabilization of labor force participation. We have some other articles that say this falls down to only 2 people, so you and your partner or you and your spouse will have 1 person in retirement. However, we are going to use 2.3, but understand those differentials. Social Security is a pay-as-you-go system. When you get the folks who say ``the lockbox,'' for years, we had more workers than retirees consuming, and the trust fund built up. No one stole your money.…”