In Case You Missed It:
Jack appeared on Fox Business Network's The Willis Report to talk about the need for entitlement reform and why Congress is having a special session next week.
On why entitlement programs need attention:
"What the trustees report said is basically Medicare will be broke by 2029 and Social Security by 2037. So if you were born after 1970, your Social Security benefits will be greatly reduced. Starting next year, Social Security will lose $50 billion over the next two years. And, so instead of going back to Washington to address Social Security and Medicare, what we are doing is focusing on a bailout for state employees. And I think it ties into your last segment because on the whole, public employees make 35% more than the private sector counterparts. That is according to the Department of Labor."
On Secretary Geithner's statement regarding Social Security:
"Well this is the same Secretary of the Treasury who told us that the stimulus would keep us from going over 7.6% unemployment, and now we're, 14.6 million people are unemployed and he is saying the stimulus plan is working, same guy who supported ""cash for clunkers"" which was such a disaster, even the Obama Administration pulled plug on it. What he is referring to is a new tax on Cadillac plans. The idea is that for people who get health insurance that is worth, say, $25,000 a year, that, there's going to be a new tax on that. Because of that, more people will shift out of those plans and be compensated at higher wages and therefore, be paying into the Social Security plan. It is such a specious argument. In fact the Medicare trustees looked at some of the assumptions of the administration and said, it is so silly we'll have two reports: one with rosy picture assumptions and other one in the real world. I hope the secretary will review those reports."
On the cutting the deficit:
"Well, politically it is very tough, anytime you start talking about touching the sacred cows of Medicare or Social Security. What the Ryan plan does do is cut the deficit in half by the year 2020. It puts us on a guide path to fiscal sanity. If the administration doesn't like Paul Ryan's plan, put your own on the table. Let's have a BRAC commission, Base Closure and Realignment type commission that would look at entitlement form and force congress to adapt one plan or another and force us to have up-or-down vote. What happens time somebody like Paul Ryan steps forward with a reform plan, 434 members of congress beat up on him and we wait for the next one. We have to stop the mentality. That number is not quite so high. I think Paul Ryan is moving in the right direction. I'm encouraged what he is doing. I want to see other congressman put their plans on the table."