Just in response to one item mentioned by my friend from Tennessee. He and I agree on Social Security. We differ on the Reid amendment. When he talks about 110 percent of debt versus GDP in 1945 after World War II, what that ignores is there was no corporate debt and no consumer debt, for all practical purposes, then. We now have $4.3 trillion in corporate debt and $3.7 trillion in consumer debt, and we have a very different situation.
The speaker discusses differences in economic conditions between 1945 and the present regarding debt.
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