Political Quotes

“All right. I am going to go a little faster then. No one cares about percentages of debt to GDP. One of the reasons we do debt to GDP is when we talk trillions, often that is a distorted number because trillions in a time of high inflation--the most elegant way to do math like that is it is a percentage of the economy because that is stable, because lots of inflation, low inflation, lots of economic growth, low economic growth. That actually gives you an idea what the real impact is on our borrowing on the economy. So what is the primary driver of U.S. sovereign debt? Come on. Come on. It is we got old. This board is now 2 years out of date. New calculation--and we haven't gotten the update on it, and it is going to be even higher than this. Our new calculation is about $128 trillion to $130 trillion of borrowing over the next 30 years; 75 percent of that being Medicare, 25 percent being if we backfill Social Security. Remember, the Social Security Trust Fund is gone in 8\1/2\ years, meaning we are going to double senior poverty in 8\1/2\ years if we don't fix it. The average Social Security recipients across the board, at least as it looks right now, will take a 25 percent cut. If you are on Social Security, what is your life like if we cut your benefit by 25 percent? That is where we are heading. Because we had a President get behind that podium right over there and tell us we weren't allowed to talk about it. That is a great campaign tactic. It is horrible morality.…”