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Entitlement Crisis on the Way for U.S.?

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  • Description

    FBN’s Lou Dobbs on the government’s rising spending on entitlements.

  • Duration 3:47
  • Date

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This transcript is automatically generated

Miller by way of and a reduction -- a billionaire hedge fund manager for a time he was a partner George Soros remain a lot of money and most importantly.

He has made on average 30% a year for his firm -- capital management.

For the past well almost thirty years he also called the 2008 economic crisis and he was probably the first who have done so.

And now he says and even worse crisis may be coming because of our runaway entitlement spending that's something not many of us want to hear about.

But you know we hear all this talk about our sixteen trillion dollar debt our trillion dollar deficits -- terrible all is any days.

But according to -- and that's nothing when you consider Social Security.

Medicaid.

And Medicare.

And register -- -- Medicare.

Medicaid.

And the unfunded liabilities that amount to as much as 200 some investments have a war but as high as.

211.

Trillion dollars.

And that's all the spending on entitlement programs right now constitutes role for all entitlement 62.

Percent.

Of all government spending a figure that is projected to rise.

Through 76%.

By 2000 -- Think of that.

Three out of every four dollars being spent.

On entitlements.

August about it now that we're talking about here.

Six -- -- on the Big Three programs -- Social Security Medicaid and Medicare currently make up.

Ten point 4%.

Of GDP.

Ten.

Point 4% of GDP.

If we do nothing to change of the figure goes to eighteen point 2%.

18%.

By 2040.

I've been Social Security Medicare Medicaid are expected to take up -- ready.

All of the tax revenue for me just put that down as simple as that can be said.

All.

Tax.

Revenues.

That makes it pretty simple.

Meaning any other spent national defense what -- you would like to choose amongst the but the the periphery of the of the federal budget.

We'll have to be financed by bar.

What's behind the looming crisis are ageing population.

According to the 2010 senses we have forty million people in this country forty million people.

Age 65.

And over forty million.

By 24.

Are -- reported the number doubles.

To eighty.

Million.

Votes.

-- a million -- It has to this point been fair to blame both political parties.

But it is also now at this point time to say to this president.

It is he who refuses to be responsible.

To act and to lead in the national interest because this president understands as squarely as anyone -- us.

What this means and it is disasters.

It is in fact a shame that the president.

Isn't living up to his so called skinny but tough sell declaration.

Well everybody's gonna have to toughen up or we're gonna get out of this one responsibly.

And -- --

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