rating dinged ten years that took us down from the aaa rating we had enjoyed prior. what happens right now if something slips and we do default? something goes wrong in it could happen. michael lee is with us, michael lee strategies, adam lashinsky as well. adam, begin with you. what if it happens? we shut down, but this time, this time we default, we don t make a payment to the treasury note holder or don t make a social security payment to a social security recipient. then what? well, neil, i think as you so eloquently set it up, it s a counterfactual. we all pretty much agree that it won t happen. it s extremely unlikely that it ll happen. but i ll answer your question, a lot of bad with things would happen if we did that.
actual vote. how do you think that that debate is playing out right now? so, i think what s unrealistic is to offer more of the same businesses as usual. and think you re going to inspire people to get out and vote. some people are scared. if they re not hard core democrat. i might be interested in a democrat. and what warren is saying scares me. i m thinking of democrats, independents and republicans. who are ready for an anticorruption bill. i m not talking about folks in washington. folks across the nation. democrats independents and republicans. who support a two cent wealth tax. democrats, independents and republicans who want to see us increase social security payment. i have that $200 a month for everybody on social security and disability. start with the things that we agree on. that s how we can win. we can win the democrats.
bone. there are no more cuts to make. we always get into this debate of what should we cut. and it detracts from the larger picture. because in the end that is not what is driving us down. it is the entitlement spending. and the research we conducted indicated that there s a wide appeal for entitlement spending and spending restraints. and i think of the politicians actually thought about it in those terms, they would have a policy. if inflation goes up, it could raise the social security payment? john: what do you think people are thinking? i think people realize that now that people are investing in 401k plans and we don t have that reliance on are heavily run by government entitlement programs. it is not a retirement plan, it takes money from young poor people. would be mean not?
the cupboard is bare? we get this debate of what should we cut and detracts from the larger picture. that s not what s dragging us down. it s ten titlement spending and research we conducted is wide appeal for entitlement spending and restraint. spend the same as last year and if they thought about it in those terms they would have a policy and political win. inflation goes up, not raising the social security payment? well, i think there is going to be some realistic old people scream. but i think people want to see that the entitlements have means testing and people investing more in 401(k)s and elsewhere, we don t need that reliance on the heavily run government entitlement programs. this is social security not a retirement plan. it is a rip-off taking money from relatively young, poor people. what do you mean it s a rip-off? i paid into that system all my
billion of cash on hand. more cash comes in every day. as you point out, cash goes out every day. and probably somewhere between october 23rd and november 1st is when we literally won t have the money to pay the next day s bills. part of what s complicated here, right, is that these payments, the money coming in and the money going out is lu lumpy. you might get a big bunch of money one day and have a bunch of payments the next day and it s the unpredictability that makes it so harrowing, right? yes, but i mentioned october 23rd for a reason, because there s a social security payment that goes out that day and i mentioned october 31st and november 1st, because there s an interest payment on the debt and social security and medicare payments that go out that day, so we know the day of some big amounts that have to go out. what do you think of the whole prioritization of payments? you work in treasury, you know your way around ledgers and numbers. what do you think about this idea?