Roy Cooper: “It is essential to prepare for the pending retirement of the baby boom generation and for all of our seniors so that…”

“It is essential to prepare for the pending retirement of the baby boom generation and for all of our seniors so that Social Security and Medicare that they count on will in fact be there for them. The gentleman made a point earlier about the Chinese becoming our largest creditors. That is an amazing situation for the average American back home to realize because not too long ago we referred to the Chinese as the Communist Chinese, and I remember a statement made by a Russian leader years ago, Nikita Khrushchev, who claimed that Americans would one day sell them the rope by which they would hang us. That is a pretty tough statement. But right now we are in effect selling the Chinese the notes by which they could hang us financially because we are asking them to lend us so much money to finance our spending habits.”