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Ron Johnson: “The decade after that, Social Security will have about a…”

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

Senator Johnson at the Budget Committee

Published June 11, 2014 | Video Starts at 04:13

So how are we going to fund Social Security? Because it's going to run again. Do you understand these numbers? In the next decade it'll be about a $1.5 trillion deficit. The decade after that, Social Security will have about a $4.7 trillion deficit according to CBO. So about $6 trillion of deficits. How is a trust fund that has no value, federal government, going to fund Social Security over the next 20 years? How does that work? (04:13–04:18)

CLAIM

Asserts that Social Security will face a $4.7 trillion deficit in the following decade according to 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
“According to CBO, Medicare will pay out $35 trillion more in benefits than it takes in payroll taxes.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 00:48-00:58
“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
“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