Kent Conrad: “Chairman Greenspan now says we have to cut these benefits because we are overcommitted, because we have, in part, taken…”

“Chairman Greenspan now says we have to cut these benefits because we are overcommitted, because we have, in part, taken the money, the President has taken the money under his plan from Social Security to finance income tax cuts that have gone overwhelmingly to the wealthiest of the people among us. That is the reality we confront. Interestingly enough, they say, you have the shortfall in Social Security which is $3.8 trillion over the next 75 years. That is absolutely true. We have a shortfall in Social Security of $3.8 trillion over 75 years. Interestingly enough, the cost of the President's tax cuts over that same period is three times as much: $12.1 trillion.”