Sen. Paul Simon said "The figure that the Senator is using is a figure that Senator Fritz Hollings points out we should not use, and that is net interest. There is no area of Government where we subtract the earnings before we calculate the interest. So that the interest paid to the Social Security fund, for example, is not counted as interest on net interest. The gross interest, which really is the figure we ought to use, is already in excess of what we spend on defense. So the figures that my colleague from Alaska is using are very conservative figures in terms of what the costs are. I have to believe if the American people understood that, they would say we have to do something to get ahold of this." @ PoliticalQuotes.com

On the recordFebruary 23, 1994

The figure that the Senator is using is a figure that Senator Fritz Hollings points out we should not use, and that is net interest. There is no area of Government where we subtract the earnings before we calculate the interest. So that the interest paid to the Social Security fund, for example, is not counted as interest on net interest. The gross interest, which really is the figure we ought to use, is already in excess of what we spend on defense. So the figures that my colleague from Alaska is using are very conservative figures in terms of what the costs are. I have to believe if the American people understood that, they would say we have to do something to get ahold of this.

Said by

Sen. Paul Simon

Illinois

Source

govinfo.gov

Editor's note · Context

The speaker addresses the misrepresentation of government interest figures in a budget discussion.

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