Dedication with which it carries out its responsibility to congress under the budget act but the contents of this report are concerning. After eight years of failed fiscal policies and wasteful and unactable spending america is faced with a mammoth debt of 20 trillion and a sluggish economy thats holding it back. This year alone overspending is projected to be 559 billion and will continue to grow over the next ten years to 1,408 million, 1. 4 trillion in 2027. Its a 9,426 billion budget hole over the ten years. Gross National Debt will hit 30 trillion in ten years outpacing our projected Economic Growth. As Congress Considers our countrys budget over the next decade we must look beyond the annual appropriations process. Almost 70 of federal spending is already on auto pilot and that portion is growing rapidly. Cbo reports states that 70 of the total increase over the next ten years is from Social Security, medicare and net interest on americas debt. Social security taxes will stop pay
Only worked four times in 42 years. Over those 42 years we only i want everybody to listen to this. We have only appropriated 2 1 2 appropriation bills per year. This is a fraud on the american people. Perpetrated for 42 years. Its time we deal with t thats one area we can use to help arrest this run away government spending. 2. 4 trillion is what we spent in 2000. We spent 3. 8 trillion last year. Thats constant dollars. We have to look we have to grow the economy. We have to save Social Security or medicare long term that makes it viable for our kids and grandkids. We have to get at the spiraling driver of our Health Care Cost inflation. Im running out of time im hold the questions for second round. Thank you. Senator king. Senator king thank you, mr. Chairman. Welcome, doctor. Nice to have you here. Appreciate your comments, senator perdue. Senator perdue in maine we have a saying that summarizes exactly what you were talking about. There is rarely a silver bullet. There is often si
Dedication with which it carries out its responsibility to congress under the budget act but the contents of this report are concerning. After eight years of failed fiscal policies and wasteful and unactable spending america is faced with a mammoth debt of 20 trillion and a sluggish economy thats holding it back. This year alone overspending is projected to be 559 billion and will continue to grow over the next ten years to 1,408 million, 1. 4 trillion in 2027. Its a 9,426 billion budget hole over the ten years. Gross National Debt will hit 30 trillion in ten years outpacing our projected Economic Growth. As Congress Considers our countrys budget over the next decade we must look beyond the annual appropriations process. Almost 70 of federal spending is already on auto pilot and that portion is growing rapidly. Cbo reports states that 70 of the total increase over the next ten years is from Social Security, medicare and net interest on americas debt. Social security taxes will stop pay
Somewhere and thats not cool who works for aei and she is the timekeeper. Shes over there and she will be giving signs so that we can keep everybody on schedule. Im sorry to say that but thats part of what happens when youre trying to run a wellrun seminar. I want to say one last thing about seminars because roberta is from chautauqua county. Some of you may know that Chautauqua Institute is one of the earliest sort of institute of good thinking and sharing of ideas of the United States, and when president johnson was president , he would get frustrated with things that he would say we will have one of these darn chautauqua seminars. That didnt get a laugh i was hoping for but thats okay last night but the point is this is Something Like that. We want of a free and open discussion. And with that i will start with codel. Thank you very much. I do want to thank you all for coming. Its interesting we talk about it ever looks at the baptist preacher and said okay. Thats who we need to keep
It had a countercyclical role and, very importantly, the rigorous evidence shows food stamps raises the nutritional quality of poor children. That this a clear fact when you look at the evaluation evidence on that. And those children [inaudible] so, therefore, a rise in food stamps somehow proving that obama has been a failure is simply another falsehood, in my view. The earned income tax credit. The report does have a positive paragraph or two on the earned income tax credit, then it talks a lot about the fraud and the irs, we need to be much stricter combating the fraud. I have no problem with that except we have one problem, the irs has been so demonized by House Republicans in the last six or eight years and funding so dramatically cut that its hard to give them another Unfunded Mandate to do this work. The juxtaposition of those comments strikes me a little bit. Theres a lot written about the marginal tax rates, you know im going to need a little more time. Im sorry, robert. The n