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tv   U.S. House of Representatives Legislative Business  CSPAN  February 10, 2016 6:00pm-7:01pm EST

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millennials showed up to vote in 2014. what are you hearing in the seattle area about this issue? mr. kilmer: i think that's pretty consistent what we hear in our neck of the woods. listen, you saw in the last election season 2/3 of americans cast a no confidence vote by not voting at all. and those numbers are even worse when it comes to millennial voters. i think as mr. sarbanes said, it's not that they don't care. there are a lot of things they care about, but i think it's out of a fair belief that -- that there's too much money and too many deep pockets and too many special interests that are driving our democracy. this week, politico came out th a study that they spent $195 million and more than two million small donors. t's fair to say that millenial
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see that and their voice is getting drowned out. mr. swalwell: 50% of the early 2016 donations. if you are part of the largest generation, 80 million people, how does it make you feel when 158 families are contributing over 150%? mr. kilmer: trying to get the deep pocket influence away and actually empower the every day american and millenial voters. you see this problem exacerbated by the united citizens decision d we are trying to undo that
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decision. you see efforts trying to shine is ight light on where this coming from. and the other thing that i have worked on is trying to put the teeth back into the watchdog. after watergate, you saw the federal elections commission established to make sure they weren't violating and playing by the rules. the federal elections commission has become almost as dysfunctional as the united states congress. people are playing fast and furious with the rules. you see the coordination, particularly in the presidential campaigns. we have a bill that tries to put
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teeth back into the federal elections commission. there are all sorts of things to reduce the role of money in our politics and restore people power back and look at the extraordinary things, whether it is the civil rights movement or environmental protection, they happened when every day americans, when citizens are able to take hold of their government and make a difference in their government. each of us are trying to do that. next week i'm doing seven town hall meetings. you look at charts like that and it makes very hard for people to feel their voice is being heard. it is an important decision. mr. swalwell: your proposals,
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they are quite popular. but it has strong support across a cross-section. a majority of democratic voters, 72% women support small donor reforms. independent voters, and among republican voters, 57% of the women supported and 53% of the women supported small donor reforms. we are now joined by another congressman. how has money in politics also orked to disenfranchised voters. we heard in the dallas area about how voting laws that have been put in place have made it quite hard to show up and vote and heard about the purging and
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what's the connection there when and ve outside interests the rules that go into place as far a we go into our elections. >> talk about the effect of voting. mr. sarbanes: if people are convinced that money calls the shots they are going to look at voting to come out on voting day and which two people to work for somebody else. if you look at the issue of access to the battle box and protecting access and last year i had the opportunity with members of congress to go to go down to selma with john lewis and remember the foot soldiers and we talked about protecting access to the ballot box but
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just as important is protecting he ballot box's opportunity to protect washington. people bled and sweat to get to the ballot box. you have to make sure that is preserved. on one side of the coin you have the right to vote and on the other side of the coin you have the right to have your vote mean something and we have to undo the influence that money has. this is important for millenials and young people. this question about what we do with money in politics. it isn't about putting rules in place. you have to have transparency and noncoordination rules. you want to get a constitutional limits.
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but rules are putting a referee on the field of democracy. we need the rules but weals need power and figure out a way to get americans out on the fields and that's what the public financing is all about. it's about rules and about power. i think young people can take back to give themselves a voice in their democracy and they will be at the center. that's why it is so critical to push forward with these measures. and the last thing i wanted to point out, one of the things that happens is young people want to run for office. they want to get into the game. they want to come into the political arena. but there is a money primary or green primary where you can't find a lot of people, you aren't
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a lot of ways to be viable and captain put your hat into the rim. if we can create small donor public systems and we are arting to see it in a lot of communities, people could never imagine running because there is a system that could lift them up. they'll run, compete, run and serve. and it will change the composition, but state legislatures. that's the promise of small donor reform and bring young people in here and get the benefit of their wisdom, not just as small donors but as public servants. mr. swalwell: i want to empower #futureforum.
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do you believe congress should reforms.mpaign finance 90% of the people say yes. we were in dallas and talked to hundreds of young people to talk the ballot box. what did you hear? mr. veasey: and the business leaders that we spoke to appreciated the fact that yourself and others in congress are leading the effort to engage in people to engage millenials and they are going to make up a large portion of our population and find out what they are thinking. and one of the things we heard
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is that young people feel like voting isn't necessarily easy. some of the barriers that have been put up recently have made it a lot harder for people to exercise their right to vote. one missed an election cycle and found out that they had been suspended and purged. mr. swalwell: i remember that woman. . veezeveeze and she didn't understand why that happened and that was unfortunate. one of the other things that i'm aware of. i'm a plaintiff on a lawsuit to roll back the texas voter i.d. law and a lot of our young people when they go to college,
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they get identification from our universities. and these are good. and campus police officers or need to be able to use the i.d.'s to get on a plane or anything like that, they can use the college i.d.'s. a lot of our young people if they go to vote and show their student i.d. cards that is issued by the state of texas, they cannot vote. hey can be given a provisional ballot. and it discourages them from voting. we need to engage young people. one of the things i hear from young people, for instances like
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he young lady with we heard, same-day registration and encourages young people to participate in voting but a lot of states like the one i was in they won't take that initiative or that extra effort to engage in people and so many of our young people feel our system is rigid against them. and it is unfortunate. and i would think in the 50th anniversary of the voters' rights act, no better time that they can play a pivotal role in our democracy and continue to urge them despite what a lot of totes and they will continue take part and help shape america and the best way you can do that
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is by voting. mr. swalwell: we have talked to innovative young people in dallas. if i learned anything br young people and i remember being in manhattan with congressman israel and congresswoman mange and how darn it is to get to the lls and why is it on a tuesday? why is it so inconvenient. in a moment, i want to have a delegate speak to us. ut i'm teasing here and people on twitter are asking why can't we have votes on the weekend. talk about voting rights with respect to the virgin vileds and what you are hearing. ms. plaskett: thank you for us
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to be able to speak to this body about voting rights. and the difficulties that many groups. voting rights act is one of the most important pieces of legislation that this congress has put forward. ssed in 1965 to prohibit discrimation. it has been called the most effective pieces of legislation and that was in 2009. the department of justice has ad a history of a history of gerry meandering. and it was rea firmed by this congress. and the e voted 98-0 house voted 390-33. and fundamental, this is a
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fundamental right that most americans believe but there are still these barriers that many groups feelment and i know, you have gone around the country and heard from poor people and those who live in rural areas and the difficulty they have in exercising this fundamental right. in the virgin islands we are facing an issue of bringing to the united states. congress decided that the right to vote was not a fundamental right for people that were living in the territories. under the uniform and the absentee voting act, you lived in the united states in any of the 50 states if you decide to timburktu, you
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can still vote. if you but if you move to a u.s. territory, places like guam, u.s. virgin islands, we have the highest veteran per capita rate. and in the virgin islands we capita of hest per people injured for their country who cannot vote. i'm part of the effort to make sure people who live in the virgin islands, who are from the virgin islands, can retain that right to exercise their voice in our federal elections, that's something we're fighting for right now. this goes along with many of the other what we believe to be historic discrimination that's begun on. there's enormous amount of racial gerrymandering that is happening in this country. the great mr. john lewis, our
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colleague, has issued h.r. 12, i believe it is, which is a bill to expand voting rights and the ability for people to vote. so i know that as you go around this country and speak with people, representative swalwell, you'll hear about the difficulties that particularly those people who are discriminating against in many ways from their ability to vote, one of the things i recall writing about when i was in law school was individuals who have been incarcerated. and the ability that they no longer have to vote. we know that in the black community, there's a disproportionate amount of our young men and women who are incarcerated and that have lost their vote to right. and the difficulties they have reinstating that right and that ability to vote. absolutely excludes their, not only their dignity and their ability to voice their opinions but their feeling part of the american dream, feeling included in this american mission. and then what message are we
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saying to them when they need to be reintegrated back into this country and to be citizens and productive sit certains that they can work, we want them to work, we want them to do everything that they're supposed to do, but they cannot have that fundamental right to vote. so these are things that i'm glad you're speaking about tonight and that you're making the american public available to. i don't know what the -- i don't know what the twitter feed is working on right now but i'm hoping people will tweet about this, and we'll get this word out and createn echo chamber of young people and even those who are not yuck who are considered about millenials and concerned about the next generation being able to be part of the american process. mr. swalswel: thank you, delegate plaskett, so eloquently said. on twitter, under the hash tag #futureforum, people are speaking about democracy and their right to access the polls. one question i just heard is why can't election day be a federal
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. liday, from anna and kell asks, elections on weekends seems like the easiest solution. congressman israel, what if someone introduced the weekend voting act. wait, someone has, and it's here. mr. israel: what a coincidence. i want to thank my friend from california for his leadership of the future forum, traveling the country, engaging young people and millenials on the critical issue of participating in government. i don't qualify as millenial. 'm slightly young der -- i'm slightly older than the audiences you engage. but i used to be young. i remember going to public school and being taught civics. being taught what it takes to be a good citizen. what our responsibilities and
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obligations were. and the principal responsibility and the principal obligation of a good citizen was voting. you could vote to the left, you could vote to the right, but vote. and now we are falling further and further behind on voting because it's become harder and harder. you know, there's a particular republican candidate who talks about how we have to make america great again. we're not -- you know what we're not so great at? we're not so great at voting. we're falling further and further behind the rest of the industrialized world. we are falling further and further behind most democracies in our voting participation. why is that? one reason is because we reserve one day of the year to vote. in federal elections. and that's tuesday. i don't know if my friend knows, here's a little history quiz a pop quiz to put him on the spot. why do we vote on that tuesday? do you have any idea why we vote on that? mr. swalwell: i have no clue.
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mr. israel: here's the answer. in 1845, congress decided voting day would be on tuesday in november. why? because we were living in a mostly agrarian society and we were a farm economy. and sunday was the lord's day. the polling places were usually in the county seat. so monday was the day that you traveled to the county seat. you got to your county seat on tuesday you cast your vote, you returned on wednesday, you farmed on thursday, friday, and saturday. now that may have made sense in 1845 but it doesn't make the same sense in 2016. as a result of reserving this one tuesday as voting day, most americans report that they didn't vote because they just couldn't vote on tuesday. some people, they have two jobs, three jobs, they're raising families. and as important as it is to be a good citizen and cast their vote, they're finding it harder and harder. the solution is very simple. i'm going to make another quick
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comment. the solution is simple. allow people to vote on weekends. designate saturday and sunday for voting. you could do it on a saturday, do it on a sunday. but we ought to designate weekend voting. there are other democracies in the world, other nations in the world that have weekend voting and their voter participation is much higher than ours. if there's one thing the government should do to make it more convenient for middle class citizens and working families, it is make it more convenient to vote. and we can do that on weekends. let me make one other point, if i could. i made a decision that i would not run for re-election. and my decision was based on a broad range of personal issues, personal considerations, personal desires to do other things. i've been here for 16 year, for me, it's time to pass the torch. but i'll tell you what, one of the factors was that i could not stand to spend one more day, asking one more donor for one more dollar. we have a system that, it used
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to be dysfunctional. now it's not dysfunctional, it's just beyond broken. and it is a system that tells people around the country that their voices are drowned out. there's a sense, particularly among the young people you've engaged across this country, that the only way you get heard in this place is if you have a super p.a.c. or registered lobbyist with you. most middle class families, most young people, can't afford a super p.a.c. or a registered lobbyist. i'm concerned that we have a majority right now that has made congress a gated community. and we need to bring down those gates. and the way to bring down those gates is to pass campaign finance reform. to pass the disclose act which democrats passed when we had the majority, requiring that people know who are funding elections. that we pass weekend voting so it's easier for people to cast their votes and choose their democracy. so that their democracy is not chosen by literally a few hundred families.
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by passing something our colleague john sarbanes talked about earlier, citizen funded elections. if you want a stake in democracy and if you want to own democracy, you should have a share in that democracy. so we ought to be encouraging citizen funded elections which are being done in states throughout the country, republican states, democratic states, they are embracing citizen funded elections and we should be doing the same. >> you wrote a "new york times" op-ed on this, very frank, very passionate and i think a lot of -- far lot of people very disturbing to hear how much time members of congress have spent fundraising. and i just want to ask you, did you start your parting tour which i'm sad to see, but have you met a single colleague in this chamber on either side, left or right, who told you they came here because they enjoyed raising money or that that's the most enjoyable part of anywhere close to the most enjoyable part of their job?
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mr. israel: no, in fact, i did write a piece in the "new york times" that went viral, i received responses on both sides of this aisle, both sides, people say, you're right. we spend too much time in call time. instead of talking about, thinking about issues, instead of thinking about a robust foreign policy that's going to defeat our enemy, we spend too much time trying to figure out a robust fundraising policy to get re-elected. both sides of the aisle said that. not one of our colleagues enjoy fundraising. but in my view there's only one party willing to do something about it. pass the disclose act. support campaign finance reform. demand transparency. and the only way we're going to take this government back and make america great again is to engage voters across the spectrum by lowering the barriers that exist in this place. that's going to require the disclose act, citizen funded elections, greater transparency nd weekend voting.
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mr. swalwell: both sides have a view on this problem, but only the majority can bring this up. we can all smell the burning and smoke in this house but the fire alarm son this side of the chamber and until our colleagues are willing to poll it and bring these issues to this floor, we're going to see millenials continue to think the system is rigged and it's not going to be any surprise when they show up again at 20 to 25% at the polls. so in your district, in long island, young people, what do they think when they see all this money in politics, that they're the largest generation in america yet 158 families contributed over 50% so far in the 2016 presidential cycle? what do you hear from them as far as whether that makes them want to engage or participate or
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not? mr. israel: i'm fortunate because i represent a district in new york blessed with universities and colleges, we have a wonderful infrastructure of universities and college campuses. i tour those campuses and hear what you have heard. my voice doesn't count, congressman, why should i vote when it makes no difference? congressman, why should i get involved in a campaign when i -- then my $20 contribution or my $3 contribution gets drowned out by one billionaire writing checks for millions of dollars for the candidate he supports. now i have said to my colleagues on both sides of the aisle, it's bad for all of us when an entire generation gives up on us. that's just bad for democracy. that's bad for trying to accomplish anything. and i've also said, and people understand this, i believe, intuitively new york matter what issue is important to you new york matter what it is, more investments in education or
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infrastructure or national security or your paycheck or the environment, no matter what it is, it's all rooted in a system that doesn't allow progress on those issues because it is rigged against progress on those issues. people say, what can we do? what's the one thing we can do to get our voice back? get this congress to pass fundamental and meaningful campaign reform and we'll make progress on every other issue. mr. swalwell: i'll never forget at one of our town halls in the boston area, students were listing their concerns from climate change and the inaction that they've seen there to student loan debt and how it has them in financial quick sand. to my surprise, i ended up seing this on every campus we visited, the students, this particular student said, but you're not going to solve any of that because the system is rigged.
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and as long as that's the perception, which we experience as our own reality, we won't see progress on those issues. and we owe it to that generation. it is sad for you to acknowledge that a whole generation is about to give up on us until we change the way that we not only have rules for money and politics but the way we govern and represent our constituents, not outside corporate interests. with that, we have a future forum event coming up in denver, it's going in april, hosted by congresswoman degette and congressman poe lits and i will give you -- and congressman polis. and i will give you, congressman, the last word on tonight's future forum. mr. israel: if you would allow an aging 57-year-old to attend a future forum meeting, i'll be happy to do so. i'll bring my crutch, my cane, all the other things i need.
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on a serious note, i really do want to commend you for the work you're doing, for the engagement. you, through this engagement, you're giving people hope. you're letting people know there are people listening to them. you go to those events, without a super p.a.c., you go to those events without billionaire donors. you are representing the best of the -- the best that the grass roots has to offer. i want to thank you for that. and leave people with a sense of hope, as long as we're talking on this floor about these issues, there's hope that something will be done on these th floor about these issues and the middle class and millenials will make progress again. mr. swalwell: i yield back. the speaker pro tempore: the gentleman yields back. under the speaker pro tempore: the gentleman from arizona, mr. schweikert, is recognized for 60 of the s the designee
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majority leader. thank you, mr. speaker. this is going to take a moment or two to set up. we did a little something. we brought about 15 to 20 boards, if we are in a more electronic age, they would r would be power points. and we will have a couple of our brothers and sisters to walk through these news. we want to talk about what is going on fiscally, math-wise. and look, it was riveting reading, but three weeks today, the c.b.o. issued a new report.
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and when you go through the nulls of the reality of what's going on, it's devastating. the reality that unless this body engages in activities and policy and we have a president who is willing to work with us that dramatically, dramatically, improve economic growth and not just for a year but for the next couple of decades, there is not enough revenues to cover the entitlement promises we made. and i know that is inflament tower to say. so we are going to walk through the boards. but for someone who may have an interest of what is happening. this is the c.b.o. report. and what makes this so different than any other report is we have
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two major entitlement programs hat run out of money that go bankrupt. for years, you would see people walk up to the microphones and say, a decade from now this is go to happen. this is no longer decades. it's now. we are going to show you a couple portions of the data where in 20 months, social security itself goes negative, meaning the interest income that we pay ourselves and that is 3.1% and the money that the germ fund has reached into the social security fund does not cover the money. this wasn't supposed to happen. this was a decade away.
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and some of the reports, now it's 20 months away. need to understand when we talk about the need for economic growth, it's jobs. tass peoples' future. retirement. and the ability to support and pay for and finance the promises let's arned benefits and face it. let's walk through the boards and explain where we are at. 2016 budget as we have it today. you see what's in blue? that blueish-purple. and is medicaid, medicare, ndful of poverty support
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programs and you will notice 70% of our spending in the fiscal spending. the red, that 30% is discretionary. we get to vote on around here. and half of that discretionary is defense. en you hear a budget analyst talk, if they are not talking about that, they are missing three-quarters of our spending d understand its rate of growth. if you care about education or the parks, the resources for those activities in this government are shrinking and getting squeezed. we have this thing called baby boomers and the fact of the
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matter, they retired three years o and 36 million and they do consume, they do consume tremendous amounts of resources that we failed to -- the speaker pro tempore: will the gentleman from arizona spend. the secretary: plea speaker. i have been directed by the senate that the senate has the north etted as in which thens act concurns of the house is requested. mr. schweikert: i just changed the boards. the board is right now for those
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who are interested. the money oice going to today. my friend from pennsylvania and going to talk through the mechanics. and medicare, 17. medcate, the 9. section 8, snap, other things that are mandatory spending. would the gentleman yield? good nt to thank my friend from arizona. they ask me what's wrong with you people in washington. and so that is instructtive because i explained to them that nearly 70% of the budget, we don't discuss it at all.
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and they associate with the federal government. the things you talked about. medicaid, medicare, social security, that's that happens and i don't know the i.r.s. and park service. and we squabble moreover this pie. when you say something, i needed to clarify. it oice farmla-driven. an you make that easy? swikesike you get asked at our town halls. why do you fight with each other? it's about the money. when i say it is formula driven, you turn 65. there are certain benefits.
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and certain things you can receive. based on a formula, your age, military service and that formula becomes it and the ability we do these tweaks and did he dwemb these and see these numbers and i don't know if you have seen this where the class would say this is for your grand tchep kids and now your kids and now it is for my mother and definitely for me and understanding we stand entitlements. you know why you are entitled to it. they forced you to invest. and it might not being a good investment but m
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investment. we are going to talk about that about how that investment is going. mr. schweikert: as we do this we should make the zwinchings etween an earned benefit and mandatory. we could break out. this is geeky. we are going to talk about the numbers of billions and trillions. what is from really important is understanding the important what is going on. and one of the reasons as we talked about this congressional budget office report, some of he erosion in our fiscal
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situation is because of our failure to present vare. so this slide here and in nine ears, this is 2026, understand in nine years, mandatory spending, earned benefits are you get incries, where vote on, this park service, .p.a., education, health medical research, that will have grown 22%. what we have considered it. it is meant to have flat where the entitlements grow dramatically because of the
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formla. glaffic. have to be look, this isn't a sinister plot. i can remember sitting in a statistics class and the professor was showing how much money had to be set aside. >> we have a tendency in congress and with our domestic and foreign policy to pretend these things aren't happening. >> and we have folks coming to our office and they have great ideas and they want resources for they remp activity.
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and you try to explain, this next here talks about the nine years. we are working on the budget. i know that seems like a long time. but the average over that time, 76%, three-years of all the spending is going to be in the formula, entitlements and 24% of the spending is going to be in the military. so as we go back to make that , about the money and when you have someone standing in fropt of you and not talking about the need to do two things. ne is to adopt policy that grows the economy.
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this obama economy is killing us. a we have to be honest about the benefits that we provide and the formulas underlying them and from may be things we have to do. what are the consequences did mr. schweikert: do you plan to live? you are incredibly fit. understand, i'm going to show u some slides under this new c.b.o., social security ks the trust fund has 14 years, but medicare, part a, has gone five years and social security disability and that trutfunsd
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has gone and understand how these things are eroding. we are going through a lot of data and we are going to be put ing these deck of slidesment anyone who is interested, the ability to look at this. but this one right here, in 026, think of this, 22% of the spending will be what we can vote on. and by the way, the one good reprojected ve this interest rate. we were expecting trillion dollars interests and now we are
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expecting a lower interest rate. o only only 12% of our spending is interest. interest willing greater than all discretionary spending in nine years system of the growth you're going to see here, in social security, medicare, medicaid, interest on the debt nd some of the other programs. this is just, this is where we're at. you try having a conversation with our constituents and say, these are big numbers, they're huge programs, you've got to move away from some of the political folklore. we should actually, as we go through these, i have a couple of spots, how many times have you been at your town hall and someone raises their hand and some of the suggestions they have to save money -- >> why do you spend money on, they call them obamaphones or on
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foreign aid if we cut that we don't have to pay for people to hate us, they'll hate us for free. mr. perry: it all sounds well and good except you can cut all that completely and, i think you'll show at some point, it won't make a dent. mr. schweikert: those of us on the right who are more conservative, we have our folks who are guilty of this, and heaven know, i see it from our friends on the left, we hold up a shiny object and pretend like this would take care of the fiscal cliff that's no longer very far in the future. it's here. and we say, oh, if we would just adjust this on foreign aid we'd be fine. anyone who says something like that, they don't own a calculator. so the slide next to us right now, you and i were working on this earlier today, i've got to thank you and your staff for your willingness to sit there and geek out with calculators and budgets and actuarial tables.
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one of the things that's happened is about every three months, i do one of these presentations and if someone were to go back a few years when we did the very first one, parts of these numbers have gotten much worse. even though we're supposedly out of the recession, supposed to be in a healthier economy as we keep being told from the other side. the fiscal, the financial shape of the country is worse. how is that possible? i'm going to make you the argument that when we do examine what we were telling folks our financial situation was in the future, it's actually much worse. because in 2011, we said hey, when we finally get to that year 2016, we'll have 3.3% g.d.p. and then we had a cup of -- couple of crazy ones , in 2012, 2013, you're going to be at 4.5% g.d.b. growth, you'll be blowing the wheels off. then 2014. it started to come down. you're going to be at 3.4%
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g.d.b. growth. the problem is, the latest update in our numbers, we're down to 2.3% g.d.b. growth. so we're half what we were telling the public we were going to have just a couple of years ago. mr. perry: but more importantly for this illustration, it's as important that we were telling the public because the c.b.o. projection told us it would be 4.5% or 4.4% but we were basing all our estimates on those numbers. we were basing our estimates on those numbers. and those numbers turned out to be true to the point that it's not even 2.3. it's more like 2.1 currently, even less than that. mr. schweikert: the first quart over this budget year, the budget year is not the same as calendar year, came in at .7. so we didn't even make a full percentage point of gross domestic product growth. now, this is once again it's geeky and people's eyes are glazing over, why this is
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important, it's that economic growth is what helps create the jobs and the trade and the velocity in the economy. and that velocity ends up creating the tax revenues and the revenues that get paid into medicare. get paid into social security. help us pay and cover our promises. what happens if you keep saying -- sending the checks out the door put but you don't have the revenues? that's why paying attention to what we do, tax policy over this coming year what we do in regula tir policy over this coming year, when we start to take on those factors that grow the economy, i would think this would be both our friends from the left who thought somehow we could regulate ourselves into prosperity would see the folly of their policies and see the numbers and be willing to come our direction because do they care about saving social security? do they care about saving medicare? do they care about saving social
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security disability? because if they truly care, we got to do something about economic growth. i want to sort of show, could we -- i want to switch up a couple of boards. and just sort of walk through some of the different numbers here and have this sort of make more sense. do you have the table that actually shows the change from 2022 to 2018? why i'm changing this is, remember the last board i was showing you that was talking about, hey, here's what happens when we miss all these g.d.p. numbers, and this is why on occasion i desperately wish more of our brothers and sisters around this body would grab a c.b.o. report like this and read it and highlight it and pull up
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their calculators and look at it again and yes you're going to fall asleep two or three times when you do it but you'll understand how incredibly important some of the policy steps we're making here. this was just meant from when e trust fund actuaries did their report this last summer and we'll just go down the bottom line. because that's the punch line. mr. perry: you should confirm for the audience or explain, what oasi means. mr. schweikert: oasi, old age survivors insurance. social security. d.i. is, think of it as social security disability you lose your job -- mr. perry: you lose your job. mr. schweikert: permanent injury that change yours ability to support yourself. and as you know, this last fall,
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fall of 2015, it was to be out of money right now. right now. we bailed it out, we bailed it out in a fairly dodgey fashion. let's be brutally honest. we reached over into big social security, took $114 billion and handed it over here and all we bought was five years of fiscal survivability. mr. perry: you took $114 billion out of oasi. mr. schweikert: social security. mr. perry: and put it into disability insurance because it was going to be bankrupt and we -- mr. schweikert: we shortened the life span of social security for 13 months when we did that. i didn't vote for it, i don't think you voted for it. now we have to deal with the realities of what that meant. as we were looking before, what happens when you're not achieving the economic growth that's required?
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all of a sudden, you see numbers like this. this is stunning. when you're talking about huge trust funds, this should not be happening. this is to give you a sense of how dramatic the problem is out there in this economy. and i know we're happy talking, it's an election year, and president obama needs to sort of tell a story of how wonderful it is, but it isn't showing up in the math. so this last august, the trustees of medicare, medicaid, social security, you know, they all do their individual report the social security trustees said if interest income, tax revenues would cover the payments going out the door on social security until 2022, ok. mr. perry: 2022. mr. schweikert: except for the small problem of somehow between august and three weeks ago, when e got this new updated report,
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it's down to 2018. now all of a sudden, social security goes what we call negative, meaning it doesn't have enough revenues to cover its obligations system of it's going to -- in 20 months, the way we were doing the math is 20, 22 months, social security is going to have to start reaching over and cash in some of its bonds because the -- we pay ourselves 3.1% interest in the washington machine, where the general fund is reached over to the social security trust fund, taken the money and loaned it to our debt. this is devastating. if any of you have been in business or finance, when you start to use up, when you start to use up principal, you're in real trouble. so we lost four years but what caused -- mr. perry: so we lost four years but what caused losing four years?
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mr. schweikert: the economy, the great rate, taking money to shore up disability, and our recalculation of what future g.d.p. is. just for the fun of it, can i talk to my friend from south carolina into joining us? a because it's always entertaining when you get behind a microphone and b, you have no hesitation to correct me when i get my math wrong. >> anything for fun, mr. schweikert. mr. schweikert: we have talked about these charts before and the reality of this -- it should terrify people how fast the numbers are eroding. but where's the conversation? y why isn't a headline? why isn't it on business news every night? if i came to you and said, you just lost four years of actuarial soundness on a trust fund that today is $2.8 trillion, you've got to understand the scale we're talking about. >> the frustrating thing about
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it, mr. schweikert, is that the group, the demographic group that you would hope would be engaged in this topic, isn't. when you go home you and i talk, mr. perry, we talk to our folks back home who is most interested in social security? folks who are already at or near retirement. you've got another graph, by the way, that shows who really should be interested in this because you've got the first year outgoing exceeds income including interest on another graph, you show when the trust fund goes to zero. for social security. mr. mulvaney: the last time i had the c.b.o. run the numbers it was to roughly 2032. in fact, it was july of 2032. why do i remember this? it's the month that i turn 65 years old. it should be our generation, it should be the people in their 30's and 40's and 50's who are demanding that we make this a topic of conversation. and they don't. they don't, they're not demanding it right now in the presidential election, they're not demanding it in
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congressional elections. they're more rn canned about other things, i get the importance, as mr. perry does, of national defense and immigration, i get all that. ut how do you -- mr. schweikert: but how do you, and i, and mr. perry help people understand that these numbers are driving a lot of the fussing but it's not part of the presidential campaign, and this is no longer about your grandkids or your kids. it's about, you turn 65 what year? 2032? my math is, social security will have been emptied out two years before you retire. it's 14 years from now. and it's not our generation,
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it's mr. buck's generation, the older generation that's paying attention to it. mr. schweikert: this is important, these are the 10,000 pound gorilla in the room. so often we in congress get behind the microphone and do the shiny object type cushion. this is it. this is going to decide what our military capability is because it's what we can afford. this is going to decide what money we have for medical research and education. this is it. these numbers are incredibly important and if this doesn't drive us this year to start moving forward on tax reform, on regulatory reform, things that will start to kick start economic growth, these numbers are devastating system of let's do a little quick discussion about medicare. medicare part a. if i came to you right now and said, hey, what was so devastating in this congressional budget office report?
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what should have scared you out of your mind? in here, it basically for the very first time said one of the major, one of the major trust funds is out of money in the 10-year window. look at this. if you plan to be around nine years from now, medicare part a which covers your hospital, those types of sections in medicare, it's gone. the trust fund is gone. so all of a sudden now, are we willing to do what speaker ryan has talked about for years, premium support, some way to reform the way we price and cost and the benefits we receive and how we allocate them and price theory? sort of these thinking like an economist but things that make sure you get your earned benefit but we also make it sustainable.


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