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Ron Johnson: “According to CBO, Medicare will pay out $35 trillion more in…”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

Senator Johnson at the Budget Committee

Published June 11, 2014 | Video Starts at 00:48

I don't have those numbers in front of me. It's about $3 trillion in revenue, about $7.3 trillion in benefits. So it's about $4.2 trillion over 30 years. Are you aware that According to CBO, Medicare will pay out $35 trillion more in benefits than it takes in payroll taxes. That again, I don't have those numbers in front of me, but as I was just referring to. So let's stipulate those are correct numbers and they are. (00:48–00:58)

CLAIM

Asserts that Medicare will have a $35 trillion shortfall according to the CBO.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ron Johnson

“Medicare will run a deficit of about $4.3 trillion according to the president's 2015 budget.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 00:24-00:33
“The Social Security Trust Fund has $2.77 trillion of U.S. government bonds.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 01:57-02:05
“In the next decade, Social Security will have about a $1.5 trillion deficit.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 04:13-04:18
“The decade after that, Social Security will have about a $4.7 trillion deficit according to CBO.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 04:13-04:18
“About $6 trillion of deficits [for Social Security] over the next 20 years.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 04:20-04:24
“The trust fund is an asset offset by liability netting to zero value to the federal government.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 03:05-03:12
“The only reason they redeem the bonds is because the payroll tax is not covering the benefits.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 05:18-05:24
“Where does the treasury get the money to redeem its liability on those bonds?”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 06:06-06:12
“They float additional government bonds or they have to increase taxes.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 06:55-06:59