You're watching...
Small Business Authority CEO Barry Sloane on the need to include entitlements in any discussion of potential spending cuts.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
And -- dealing with Social Security ought to be off the table Social Security is not -- one penny to the deficit what we should not be doing right now.
This to be slashing the benefits of Social Security we should take Social Security off the table for the current fiscal cliff and deficit discussion.
Who got caught so -- could hurt him.
That many Democrat bush had to keep -- security off the table in the debt talks.
Even though we're learning in the program is 48 billion dollars in the hole for 2012.
The small business authority CEO Barry Sloane who says entitlement programs are what got this country and they'll mess in the first place and Barry.
I don't think people they don't pay attention to this.
That -- back in the Greenspan Commission 2030 years ago they bump -- our payroll taxes so that there would be excess money going in.
Above -- never won and that -- were lockbox put the but there was an excess.
This is the first time they've there are fewer people putting in been taking out to the government have to write a check.
Both unfortunate and a lockbox was -- and basically there's nothing wrong with -- entitlement programs entitlement programs are very important.
But it's the growth of the entitlement programs that are problematic and with respect to Social Security.
It just medical fact we're all living longer people need to work a little bit longer and Social Security will be there for many many generations.
If in fact we're prudent about it this that this is the third rail I -- when President Bush was in elected to a second term.
And he -- Republicans in the running the senate in the house even he couldn't get Social Security reform done so.
Well the BAA is Jason don't touch Social Security has been the message to Washington.
Well the message in Washington as you really don't have the ability to tell what -- message of bad news consistently for month after month after month.
And really tell the public the truth the public needs to understand the truth the truth is.
-- -- on a path with sixteen point sixteen point four trillion dollars worth of debt this economy can't pay it off.
Our rob revenue just cannot meet the debt I forget which one of the sound -- from -- -- -- but that bit of the of the comment was was at this warm body -- one cent to the deficit.
But it's money for the first time.
In this country's history that there have been more people taking now than putting in and as a result treasury.
They took the money and spend it on missiles paper clips and depends.
It's now time they have to write the check so wanna cash flow basis they oh they -- money to all these Social Security recipients -- our company does business for over a 100000 small businesses and -- our business clients ran their business the -- -- all ran its business.
We have a huge problem today with a -- in jail that's right they would -- in jail or -- lose their jobs where they go out of business and I'm confident that this message will get delivered.
Somebody's got to tell the public on a consistent basis.
We can't sustain this level of entitlement.
And this level of debt it's our sustainable -- but I got a common the other day from summaries that don't you think and this is the problem is that is that first to ball is not an entitlement they say is because we paid into it.
Secondly is the fact that.
The the comment was don't you think.
There's hundreds of billions of dollars they could -- first before -- -- on the retired people.
Basically if you look at Social Security Medicaid and Medicare.
Those -- the programs right now that make up the majority of the debt.
Those -- the programs that are growing at exponential rates that's the real problem with the budget aren't talk to me about there's there's two Social Security -- -- the what is an old age and survivors fund.
The retired people -- -- disability fund we we added.
Eight almost nine million people to disability here recently.
They're drawing because I think because they're the people that ran out of unemployment benefits.
It break it very much agree unfortunately it's called fair society and today people -- relying upon the government more and more.
And the politicians are catering to that particular culture how do you distinguish between two people that are truly disabled.
I mean I always thought the disability definition under insurance policies was if you.
Lost an arm or leg or something like that that -- you could be classified as disabled under the insurance rules.
But now people going into a doctor -- -- and his say I'm stressed out by the fact that don't have a job in the mentally disabled.
We think regulation and government is important that as a role in society and it's great but at the end of the day.
The public puts its trust in government commodities programs and make sure that people who are really disabled.
Have the ability to get the funds what -- on a scale of one to ten -- -- the chances of Social Security being tinkered with.
I think it's pretty -- I'd say it's close to -- I think the go extend the age.
Of when people can retire people have to work longer.
That's that's only ultimately what it calls now -- -- point we live longer we're all live a longer we can work longer raw healthier.
We all this have to what they -- extended on the Greenspan 2030 years ago here today intact another couple years on to do it again and the here's the good news for all healthy -- water it's great to be able get up in the morning and go to work.
Very slow and thank you very much appreciate you covenant thank you.
Next up.
