Bob Kerrey: “The fact of the matter is, we are not going to collect enough money to pay the bills and, thus, what we have to do is…”

“The fact of the matter is, we are not going to collect enough money to pay the bills and, thus, what we have to do is sell Treasury bonds. We borrow from the already too small pool of savings, restricting the growth of the economy, restricting our capacity to invest, restricting our ability, Mr. President, to grow and generate the wealth and income that we need to be generous. It makes no sense for us to sit here in Washington, DC, and say that we are the source of power just because we are willing to come and spend money. It is not our money. The money comes from the American people. And I believe that our fiscal policies, long-term, are undercutting our ability to be generous, undercutting our capacity to build a social safety net, undercutting our ability to be competitive and, in fact, we drain the hard work that produced the 4.7 percent increase in productivity.”