Adam Smith: “I just want to follow up on how this is the exact wrong time to run up deficits because of the baby boom generation and…”

“I just want to follow up on how this is the exact wrong time to run up deficits because of the baby boom generation and their coming retirement. There may be a tendency to think, see, the problem can be fixed. We are in a much different situation now, as the gentleman said. We are going to reach the point in the early part of probably about 2014, 2015, when those Social Security surpluses that we have all grown used to, having huge surpluses in Social Security in order to offset debts in the other part of the budget, they are going to be gone. We are not going to have that money to rely on. What is more, the other part of the budget is going to now have to start covering the deficits in Social Security and in Medicare. So with the baby boom generation retiring, we are not going to be so fortunate this time.”