Nick Smith said "Let us take the hard course. Let us take the more conservative estimate. Let us start cutting spending. I know it is a tough job. We talk about all these expenditures. Let me give my colleagues one example: Social Security. We are accumulating an additional $380 billion a year increased actuarial debts or unfunded liability in Social Security. The longer we put off those decisions, the more drastic those solutions are going to have to be in the future. I figured it by minute because it is big dollars if you figure the $370 billion we are spending a year. Every minute on Social Security we are spending $700,000. By 2030 every minute we are going to be spending $5,700,000. Let us get at it and solve these problems." @ PoliticalQuotes.com

On the recordMarch 6, 1997

Let us take the hard course. Let us take the more conservative estimate. Let us start cutting spending. I know it is a tough job. We talk about all these expenditures. Let me give my colleagues one example: Social Security. We are accumulating an additional $380 billion a year increased actuarial debts or unfunded liability in Social Security. The longer we put off those decisions, the more drastic those solutions are going to have to be in the future. I figured it by minute because it is big dollars if you figure the $370 billion we are spending a year. Every minute on Social Security we are spending $700,000. By 2030 every minute we are going to be spending $5,700,000. Let us get at it and solve these problems.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing budgetary concerns and the need for spending cuts, particularly regarding Social Security.

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