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Former Senators Bob Bennett and Sam Nunn on the current state of debt in America and future government spending.
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Shouting -- something that's exploding our -- Ross Perot wasn't the only one coming back in a page one spread in USA today intact.
To say it's -- crisis.
Two season was a -- veterans a Democrat and Republican say this keeps up Ross is actually understating it.
We -- go down -- to spell it out and the options we still have before time's up former Georgia democratic senator Sam Nunn.
And former Utah Republicans editor Bob Bennett.
Welcome gentlemen and and an honor having both of you senator not to yield vs Gore's long ago you were reminding people of the dangers of visit accumulating debt.
But it's still accumulating.
And I'm wondering if in this election year it's -- issue there even bothering to address if you had your druthers in this upcoming debate.
What would you words of both candidates.
Well I would like -- -- use common sense and honest arithmetic and I'd like to see the candidates explain to the American people that we really.
Do have a serious problem.
And all parts of the budget have to come under scrutiny we have to play with a whole Decker cars but we particularly have to discuss frankly.
-- the American people that do entitlement programs simply cannot maintain those same trajectory.
We're not gonna cut people's Social Security -- cut people's Medicare well we have to bend the cost line.
Down what otherwise we will simply not been able to sustain the programs that we have and -- country with a very fragile economic recovery.
And on global environment is very fragile will be -- difficult and no one can predict how long the bond markets will support.
American Dad! but we're borrowing forty cents a prosper out of every -- that we spend today.
Well -- we'll keep doing so zones.
Ben Bernanke keeps us -- go Internet but but senator Bennett I always -- get a new we've chatted about this before but served at that depth.
We live in an environment where eats party is captive to.
The extreme elements that don't want abides.
-- not mean to disparage either of those extreme elements of on the democratic side senator -- no one's point.
That if you're trying to rein in the growth of entitlements are -- -- off the cliff.
On your side and you were experiences -- senator.
It's -- trying do.
Address.
You know closing loopholes and credits and allowances that allows song to an updated taxes and all you're raising taxes so Tea Party years hate you Citi.
You can't move the ball forward when that's how -- playing the game can.
Well there needs to be some honesty here and Sam Nunn has got it exactly right.
The challenge with the entitlements frankly is not because of anything the Republicans have done.
Not because of anything the Democrats have done is because of the changing demographics in the country.
And demographic trends are -- most difficult trends.
To to change and they have been coming -- us for years and we've known this is coming for years and we keep putting it off saying well.
I'll just demagogue the issue in this election and then will deal -- -- later on while.
-- you can't do that the baby boomers started retiring.
Started swelling the ranks.
Demographically of the people drawing entitlements in guess the year.
2008.
So just as we have the problem that hit us with the F financial collapse that occurred in September.
Of 2008.
We saw the increase is demands going up simply because we are an aging nation.
You know I don't know eight do you explain it very hard at the very clearly -- -- you can be left to right and understand.
That that's an inescapable truth of that -- we're getting older a lot moral -- big crisis people.
Sits at the same time getting -- -- to.
-- did did did the dynamics don't support what we've got right now.
But senator -- on all justice in the democratic perspective on the Republican perspective the idea is you even try to slow that momentum.
In it spending and address that -- and population.
You you -- torpedoing benefits that are -- -- how do you get people around the notion you're trying to save those benefits.
Or they're -- Well I don't think toward torpedoes should apply when you're drinking a lot nick continues to grow up -- just not making the trajectory is sharp.
We have to tell younger people frankly you're gonna have to save more money because by the time you retire the -- -- may go up somewhat.
That this happens over a long period time and we may have to -- on -- -- living type adjustments over a long period of time.
Easy solutions never offered never ever offered never accepted by enough to get that -- Moving full well that they've been offered they've been offered on the floor vicinity when I was there tumble time that we even have a we have had a majority.
Vote for me right about that senator I -- I haven't understood the problem people have to understand it when they do the American people I'm confident -- only you're right you're but senator -- -- getting past that hurdle right to get the word out to them.
Yeah well I I -- A bill that was the did exactly the things that senator Nunn is talking about.
And it was scored by the administrators see the board of trustees if that's the proper term of the Social Security Administration has a 100%.
-- of Social Security.
They would -- would make Social Security safe in perpetuity.
And -- took it to the Republican leader.
And said this is what we ought to be doing -- said Bob that'll be the Republican position and we'll get behind it as soon as you get your first democratic co sponsor.
And so I walked across the island sat down and so my democratic friends and laid it out -- you know this is great this is this -- solve the problem.
And and and will will get behind it will join new right after the election.
Act on K well -- you know there there we work.
One point I really -- wanna make.
That Washington is the only place I know where when you give somebody more this year than you gave them last year that's called -- -- That's a very good point and it's one -- -- you're giving them less than they were plus -- -- -- expert on what it's worth a little bit because that is something.
That we we get wrong in the media this idea of cuts when you're actually talking about slowing the growth -- something to senator -- point about.
Making sure that line doesn't go up as much as it presently is the debate over the very words we use in this debate.
