Political Quotes

Nick Smith: “Tom Savings, an actuary with both Medicare and Social Security, came to my office a couple of weeks ago. This is what he…”

On the recordApril 21, 2004
Tom Savings, an actuary with both Medicare and Social Security, came to my office a couple of weeks ago. This is what he said where our promises exceed our ability to pay for it, unfunded liabilities: Medicare part A, $21 trillion; Medicare part B, $23 trillion; Medicare part D, the new drug bill, $16.6 trillion; Social Security, $12 trillion. At this time, I just call on all my colleagues to be tight-fisted. Let us start prioritizing spending and reduce the tremendous burden we are placing on our kids and our grandkids.
Said by
Nick Smith
Republican · Michigan

Editor's note · Context

Discussing budget priorities and unfunded liabilities in relation to Medicare and Social Security.

Share

More from Nick Smith

Apr 21, 2004

The debt is $7 trillion divided by about 290 million. It comes out to almost $25,000 for every man, woman and child in terms of their share of the debt.

govinfo.gov
Apr 21, 2004

And, Mr. Speaker, of course the lobbyists that come in, they would prefer that it be mandatory spending; so some of these programs, if they can write it in law that if they meet certain qualifications, they automatically get it and it does…

govinfo.gov
Jun 24, 2004

I wore my Adam Smith tie this morning because today we are going to talk about some ways that might help us give discipline to ourselves on how much money we spend and how much overpromising we do. Two areas. One, I am from a farm in…

govinfo.gov
Apr 21, 2004

How do we change? How do we develop the kind of discipline, intestinal fortitude to start slowing down this huge growth of government to the extent that we have decided we will simply borrow more and more money to take home to our…

govinfo.gov

Other voices in this conversation