Fox Business: Chairman Arrington Discusses Looming Insolvency of Social Security, Medicare, and the Upcoming Hearing on the Cost of the Border Crisis
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined Fox Business’s Cavuto: Coast to Coast with host Neil Cavuto to discuss the looming insolvency of our entitlement programs such as Social Security and Medicare, and to highlight the Committee’s upcoming hearing entitled “The Cost of the Border Crisis.”
Click HERE to watch Chairman Arrington on Cavuto: Coast to Coast
Highlights from the Chairman’s interview below:
Chairman Arrington on the Border Crisis:
“We're having a hearing tomorrow on the cost of the border chaos. It's $150 billion in healthcare cost, education cost, and criminal justice cost. I would suggest that this government is way too big with the spending that we're on. We spend over $6 trillion, a third of which is borrowed at about $2 trillion a year now, and that will double in 10 years. Our interest payments are now the third largest expenditure item in the budget at $870 billion, which is more than we spend on national defense. I would suggest that our spending is out of control, which is driving the unsustainable debt. And we also have to address the insolvency and unsustainability of those important safety nets for seniors.”
Chairman Arrington on Entitlement Reform:
“80 percent of our budget in 10 years will be on auto spend. Those are mandatory spending programs. Those are entitlements, and they are the drivers of health care, welfare, and other mandatory programs. You can't save this country from the inevitable debt calamity if you don't address these entitlements, and there's a tremendous amount of waste there. There are common sense solutions like welfare reforms, just work requirements that we have in TANF and food stamps, if you apply that to Medicaid, you're talking about tens of billions of dollars. You can't get there from here in terms of staving off the debt crisis, strengthening the balance sheet, and growing our economy without dealing with those entitlement programs.”
Chairman Arrington on Reigning in the Debt:
“If we can grow one percent over the two percent that CBO projects over the 10 year budget window, just one percent that will bring down the deficit by $3 trillion. But we have to link that with mandatory spending reforms and reining in the spending, and we have to be able to grow the economy faster than we're spending faster than we're borrowing. If we do that. Just like our forefathers after World War Two did it. We can bring the debt to GDP down and we can have our best and brightest economic days ahead of us.”
More From the House Budget Committee:
Watch Chairman Arrington talk about the Border Crisis on Fox Business HERE.
Read more about Social Security and Medicare insolvency HERE.
Read more about Biden’s Border Blunder HERE.
Read more about Biden’s Border Crisis HERE.
Read about Chairman Arrington’s Amicus Brief in support of S.B. 4 in U.S. v. Texas HERE.
