Social Security faces a long-term actuarial deficit, yes.
Social Security Long-Term
Every day is like that, eight successive meetings on eight different topics, every one really important and interesting.
Different Every Day Interesting
For example, I was privileged to be working at the White House under the Clinton administration and had not finished my Ph.D., and I thought I was the cat's meow.
Had For Example White
My mom is a very warm, typical sort of Jewish-mother type. And my dad has a somewhat, um, different personality.
Mom Very Sort
There've been times where I wondered whether it was worth continuing in my own education.
Where Whether Been
Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.
Left Borrower Effect
Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.
Imbalance Both Acting
Well, I think what we need to remember is that budget deficits can impede economic activity.
It is a foregone opportunity that we could have a trillion dollars more of income for the United States if we were producing at capacity rather than falling so far short of it.
Dollars Than Far