Political Quotes

“We were about to pay off the entire national debt, so there would have been no interest on the national debt. Even if you do not pay off any of the debt, you still have to pay the interest. These are big numbers. Let us divide it and see what it means to a family of four. For a family of four, dividing the population into the interest on the national debt, we have gotten it down to $4,500. As you saw, it would have gone down to virtually zero. It was $4,500 for a family of four, headed toward zero. But instead, it is going to be $6,500 by 2008, and going up at a rate of about $500 a year as far as you can see. By 2008 it will be $6,500 just interest on the debt before you have got any government at all. Now, as it gets worse and worse and the debt tax gets worse and worse, we are trying to prepare for the baby boomers and Social Security. This is the chart of the Social Security surplus. Social Security, we are bringing in more than we are sending out; and we have a surplus, temporarily. In 2017 it will be about even, and then it gets worse and worse, and we will have almost $1 trillion in deficit out here in 2037. Now, if we had banked all this money and invested it, we would be able to pay this. In fact, we could have covered all of the Social Security deficit out 75 years with one-half of the tax cut that has already been implemented.”