out until 2:00 in the morning, if we raise the retirement age to 70 for people under 55, then we will be able to pay people what they put in. they will retire at 70, live to, maybe, their early kates by that time and they will get out what they put in but the system is structured to give people much more than they put in and we cannot do that for everybody. neil: but they say you have decades before this scenario that is laid out even coming to pass so he says why don t you take a chill pill. guest: but social security system after 2016 or 27 will contribute a growing amount to the u.s. budget different and that is going to raise the interest rates the federal government has to pay on debt and drive the u.s. government to the point of insolvency we are afraid of. the bond marks will not tolerate a non-actuary sound social security system.
were clearly concerned that this vote could have very real repercussions. well, that cut both ways. some republicans were suggesting that this vote will send a desirable signal to american creditors. i think what we are saying, actually, to the bond marks, the people who buy our debt, that u.s. national debt is that we are going to make some major changes. i think it s actually going to give them some reassurance because it s going to say, hey, look. we re not just going to adding to the debt without actually cutting spending. we expect this vote to be completed within about a minute or two, shep. we are keeping our eyes on the house floor. shepard: we will watch it and bring it to you live. let s get to the white house thousand. mike emanuel is there what s the president s word on all of, this mike. it was interesting this afternoon, shep. because the house called for straight up or down vote. don t play games with the debt limit and the good faith of the united states gover
you think we should not only grow the size of the private sector. also the growth of the public sector which i am not. what about raising the retirement age even folks like me who think it s a lockbox. i can understand how you might want to raise the retirement age a little bit. are you for that? depends on how you define a little bit. ever go to a factory floor? imagine for a minute 75-year-old people out there doing those jobs. this is just not going to happen. i want to point out something. hold on a second. i m not talking about 75. i m talking maybe a couple years anyway. that could save us many billions of dollars. yeah, you throw that in the mix because it belongs there. but i do want to touch on something vicki mentioned. she said you have to do this because people are angry. actually, look at the people that matter. look at the bond market. the bond markets are not saying the bond markets are not saying fix this right now. the bond marks are giving us a yield curve hea