John Spratt: “It could very well be worse. There are several things to bear in mind: The surpluses come from a projected, estimated…”

“It could very well be worse. There are several things to bear in mind: The surpluses come from a projected, estimated $5.6 trillion. That includes Social Security, all the way to $0.6 trillion. From $5.6 trillion to $0.5 trillion; $661 billion if we implement the President's budget as he sent it up. That is his number. That is their estimate. However, the President assumes that Medicare will grow at a rate of growth that is $225 billion less than CBO assumes. The President assumes that revenues will be $110 billion higher than CBO assumes. The President assumes that discretionary spending can be held to about $200 billion non-defense discretionary spending, held about 10 percent below the rate of inflation over the next 10 years. That is probably doable, but it has not been done before, and it is doubtful. Add all those things together, and that .6 is gone, too. If they are wrong about those three assumptions, we wipe out what is left of any kind of surplus, which means we have fully consumed the Social Security surplus, because that is what it is, the Social Security.”