Rick Allen: “I want to follow up on the gentleman's comments about the consequences of running these huge deficits, because we have…”

“I want to follow up on the gentleman's comments about the consequences of running these huge deficits, because we have the numbers now. We know where the Federal budget is headed, and it is not a pretty picture. But there are some very serious consequences. I wanted to mention several. First of all, Social Security, when you look at the administration's budget over the next 10 years, they spend, on general government purposes, every single dollar of the social security's surplus. And the Social Security surplus for the next 10 years may be quite substantial. So, every single dollar. Then we have Alan Greenspan turning around and saying, oh, we have long-term problems with Social Security. We really should be reducing Social Security benefits. And there is the President of the United States saying, what we really need to do is to create individual accounts, which is another way of saying we need to reduce Social Security benefits. They both come to the same thing. So the first impact is on Social Security, and it could be absolutely devastating. But the second impact goes to the question that I think the gentleman was raising about are these tax cuts effective. We have now had 4 years of an administration doing three rounds of tax cuts. If you judge an economy by jobs and wages and health care, then let us first look at jobs. As the gentleman pointed out, we are down about a million private sector jobs over the 4 years.”