Not housing, food, travel, transportation. 100,000 in financial assets. Houston, we have a problem. So, theres good news and this is where i want to focus this going forward. And the good news is the culture of aging is changing. I bet if i had time to spend with each one of you what id find is that your attitudes are different than they may have been earlier in your lives. Frankly different than those attitudes that might have existed with your parents and grandparents. The majority of baby boomers want to continue to work or work past age 65. Thats a very good thing. Why . Because work is good for your health. And its good for your wealth. Traditional retirement can elevate a wide range of health risks. It is not good to move to a beach to play shuffleboard, to hang out in a rec center and wait to die. It is good to remain engaged and active and purposeful and productive. Thats one of the things that we have to try to promote, all of us, and to live it and ill talk a little bit about
Back in the early 60s, medicare and medicaid combined were. 1 of gdp. Gdpal security was 2. 6 of and Discretionary Spending was 11 and a half percent of gdp. Medicaid arere and 5. 6 of gdp, Social Security is 4. 9 and discretionary expenditures has shrunk to six and a half percent of gdp. Why is that important . Are reallyyments consumption and you do not get that much return on your investment and i want to highlight the blue line. Back in the 60s, investments as a percentage of the federal budget was higher than transfer payments. They were 32 . They have gone down to 15 . For the republicans in the audience, if there are any in berkeley, california. [laughter] i want to remind you that Government Spending can be a lot more effective than what some of you have been putting out there in the press. What did you get for this blueline . , theot the internet, gps interstate highway system, and we got grants that have moved the needle dramatically on cancer and other diseases. What has bee
Properly, they can be an advocate of Economic Freedom. Thank you very much. [applause] thank you very much. We will now open it to q a. Please wait to be called upon. Thats for the benefit of our viewers. Microphone will come to you. And would you please be so kind to make your question really short and in a form of a question so we can get through as many of them as possible. So are there any questions in the audience . The gentleman over here. Wonderful talks by everyone. My name is steven shore. I have a question that of a dog that didnt bark. A classic distinction between accidents and substance, and when the holy father talks about the capitalism, is he clear as to whether hes attacking unfortunate accidents or the very substance itself . So far as i can tell he tends not to make that distinction. Pope john paul did make that to capitalism. Id frankly love them to make the difference but Pope John Paul ii, st. John paul ii said if by capitalism we mean this then no. If by capitali
That we eventually want to operate with a much smaller Balance Sheet than we have at present. The, that we would reduce the size of the Balance Sheet to essentially, whatever size we needed to manage Monetary Policy effective in, in effective and efficient way. Now a lot has changed since prefinancial crisis in terms of the Financial System and, we are studying, were engaging in project at this time. To consider whether a longrun operating framework should look like. So, i cant tell you exactly what size of Balance Sheet we will determine is the best to operate in an efficient and effective manner. It might be somewhat larger than the very tiny quantity of reserves that we had precrisis. We have not determined that. We have also said that we will, we expect to reduce the size of our Balance Sheet overtime by ceasing diminishing, ceasing entirely reinvestments and beyond that we havent given Additional Guidance other than to say the timing of reductions in reinvestment will depend on ec
Atlantic council decided to give to a single commander, general eisenhower, sufficient authority to organize, equip, and train an integrated nato force for the defense of europe. The task before him was unprecedented. Though each of the nato countries would see to the supply and support of its own National Forces the Supreme Commander would be responsible for the coordination into a Single International force. And at 8 00 the changing of mary l discussion todd lincoln and why some of her critics labeled her crazy. For our complete schedule go to span. Org. Earlier today former Federal Reserve chair Alan Greenspan said extending the visa program may help increase productivity numbers. His comments came as he spoke at the council on Foreign Relations in new york city. This is an hour. Welcome, folks. Thanks. Welcome to you. Yes. A little work to do. Thanks for asking me to be in this great spot here moderating a panel with dr. Greenspan historic decision yesterday. Alan greenspan needs n