Mike Pence: We're looking at a debt crisis over the next 25 years that's driven by entitlements
Starting this hour with a special guest Mike Pence former vice president of the United States and you think about the What would be fair game to talk about and it's it's like this, but this is squawk box. So we're like this We've got 20 minutes. We're not gonna finish what I want to talk about but most of it. We're gonna stay in our lane in terms of money spending inflation recessions That's not good. That's why we love squawk box. Good to see you Joe. Thank you for coming in Thanks for and no blazer.
He's playing along with us because we're gonna solve It's a working breakfast, it's a working squawk breakfast the debt ceiling front and center Both sides seem to be in trends. I understand both sides. I think during the Trump administration Democrats voted for clean raises from time to time. They say why not do that now? That's what the president wants But I can see where Speaker McCarthy says when do we get a chance to really? You know focus on these huge debt issues that we have now is the time to do it or we'll get another Omnibus bill in December that we can't control who's right and how does it get reconciled? Well, I mean the Constitution requires that we maintain the full faith and credit of the United States and the Congress is gonna figure that out But I commend Speaker McCarthy for saying that we we ought to make a down payment on on fiscal discipline that In a very real sense look the issue is spending as I travel all across this country families are hurting inflation ignited to a 40-year high After the Democrat Congress two years ago spent 1.9 trillion dollars in unnecessary COVID spending another another trillion nearly at the end of that Democrat majority So I'm glad to see the Republican majority saying we need to use this debt ceiling to start Us back in the direction of fiscal discipline But look we all know where the real issue is in terms of long-term debt for the United States And that is that well, I respect the speaker's commitment to take Social Security and Medicare off the table for the debt ceiling negotiations We've got to put them on the table in the long term and right now President Biden's policy is insolvency. I mean we're looking at a debt crisis in this country Over the next 25 years that is driven by entitlements and nobody in Washington, DC wants to talk about it I've been going around the country. I'm gonna continue to try and do my part Are you talking about entitlements? What would you do about entitlements? Well, I think the first and foremost you have to explain to people what's going on We got a 32 trillion dollar national debt right now Andrew Having a national debt the same size as our nation's economy is unsustainable last time that happened was right after I don't Disagreed you I'm just curious what's on the tape for you on entitlements.
What's on the table? Well, I think it begins with education It begins with having the American people understand that it doesn't stop at 32 trillion I mean when you look at the deficits that are projected over the next 30 years and Social Security and Medicare and other areas It's about another hundred and twenty trillion dollars. I mean literally I just had two granddaughters born two weeks ago in two days Our family's incredibly blessed Looking down at those little girls. I think of their 30th year. We could have a hundred and fifty trillion dollars in debt in This country and if we wait to deal with it But you never would you meet with you that Social Security would you I mean I think that when you get down to the The brass tax that's the complicated part eventually what is on the table in terms of what you have to do something That's it but it Jim Bullard. Yeah, just called it the third rail. How long has it been the third rail of American pockets? Always been the third rail you have never seen two parties run for it more quickly than we just saw again All president Biden has to say is they're gonna do something with Social Security and Medicare and then all of a sudden the Republicans get scared. Oh, no, no, no, we never would so that's not helping anyone and we're never gonna address it Well, that's right.
There's an election every two years. What you need is presidential leadership and and the fact is that that President Biden is abdicating his opportunity to provide real leadership and say first Andrew and I'm not dodging at all There's lots of good ideas to solve this That are common sense that don't impact people at the point of the need that don't affect anybody that's gonna retire in the next 25 years I mean you could phase in just like just like Ronald Reagan and Tip O'Neill did 50 years ago They raised the retirement age to 67. They they made Social Security Solven until 2009 can be done things that you could do in Personal savings accounts in the long term Allowing younger Americans to get a higher rate of return which you all talk about the great American economy every day But these are all ideas the first job is to be straight the second job is the natural.
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