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Ron Johnson: “The rest of that deficit is in interest. $71 trillion.”

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

Chairman Johnson remarks at HSGAC hearing on governing through goal setting

Published June 17, 2015 | Video Starts at 10:18

Medicare will pay out about $35 trillion more in benefits than it takes in the payroll tax. That's 50 trillion of the $127 trillion. The rest, The rest of that deficit is in interest. $71 trillion. It's not doing anything to improve the lives of ordinary Americans. It's paying off our bondholders. So this directs our activity. We have to make Social Security and Medicare solvent. (10:18–10:24)

CLAIM

Asserts that $71 trillion of the deficit is due to interest payments.

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

“The cost of complying with federal regulations on an annual basis are approaching $2 trillion per year.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 06:40-06:46
“We have a 30 year demographic problem [with the baby boom generation retiring at the rate of 10,000 people per day].”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 08:06-08:09
“Third decade, 87 trillion for a whopping total over 30 years of $127 trillion of deficit.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 09:18-09:24
“Social Security over the next 30 years will pay out about $15 trillion more in benefits than takes in the payroll tax.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 10:02-10:09
“Medicare, very few people realize that right now there's a dollar going into the program in terms of payroll tax, $3 being paid out in…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 19:25-19:34
“The estimates, $35 trillion of deficits in Medicare alone over the next 30 years.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 19:34-19:39
“We are the world's largest economy.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 05:32-05:34
“World's largest economy. We've got, you know, competitive energy prices, uncompetitive tax system, pretty onerous, regulatory.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 05:32-22:55
“We are the world's biggest customer.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 05:34-05:37
“We have abundant and relatively cheap energy.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 05:48-05:52
“Our tax system is completely uncompetitive.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 06:12-06:15
“Our greatest threat to national security is our debt and deficit.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 07:27-07:31
“CBO estimates about $9 trillion of deficit [in the first decade].”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 08:58-09:03
“Second decade, $31 trillion of deficit.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 09:17-09:24
“Medicare will pay out about $35 trillion more in benefits than it takes in the payroll tax.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 10:09-10:16
“We've done about 81% of Simpson Bowles.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 11:28-11:31
“Social Security is solvent to the year 2033. It's not.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 13:24-13:24
“OMB's own publication says that [the trust funds are] just a bookkeeping convention. It's really not any asset that can really pay off those…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 14:10-14:18
“The Trust fund does exist. I got a picture of it. Next chart. That's it. That's the Social Security Trust Fund. It's a four drawer file…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 14:31-14:49
“You're going to be paying off the cash flow deficit of Social Security over the next 20 or so years.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 14:51-14:56
“We don't have many solutions to fill a $35 trillion gap [in Medicare].”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 15:09-15:13
“We no doubt have some skills gaps, but we also have a worker gap.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 24:31-24:35
“We spend about $2 trillion complying with federal regulations.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 25:57-26:02
“We certainly don't have certainty in the legal environment. We have so many laws, so many regulations, and those laws and regulations are…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 26:20-26:34
“We actually had financial literacy requirement added to our graduation requirements before the state Department of Public Instruction did.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 29:18-29:25
“We're going to hopefully report out another at least dozen bills on a unanimous basis out of the committee.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 30:53-31:00
“The United States Senate, in order to solve problems, you have to pass legislation currently that requires we got 54 Republicans, we need at…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 34:39-34:52
“If we don't do anything when this bookkeeping convention runs out on the trust fund, benefits will be reduced to the level of restraint…”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 36:04-36:13
“I'm highly supportive of the federal government spending money on basic science and research, spending money to cure diseases.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 36:35-36:44
“We cannot afford to have any election in 2016 run on political platitudes and demagoguery.”
Chairman Johnson remarks at HSGAC hearing on governing through goal setting | Uploaded June 17, 2015 | 38:08-38:19