John Spratt: “let me just wrap up by saying that this is our concern: $2.2 trillion…”

On the recordNovember 16, 2004

let me just wrap up by saying that this is our concern: $2.2 trillion of additional debt in 3 fiscal years, and what is waiting in the wings is a reform in Social Security which is likely to propose that a person not on Social Security can take 2 percentage points or 3 percentage points off his payroll tax and put it in a private account. If that happens, that will increase the debt by another trillion dollars over the next 10 years, and that is our great concern that this will be followed with policies that will actually worsen rather, than improve, this.

Said by

John Spratt

South Carolina

Source

govinfo.gov

Editor's note · Context

Discussing concerns about increasing national debt and proposed Social Security reforms.

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John Spratt: “let me just wrap up by saying that this is our concern: $2.2 trillion of additional debt in 3 fiscal years, and what is…”

Editor's note · Context