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Entitlement reforms is about saying if you

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want to invest in a greater national

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defense. If you want to invest in

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research and development and education well then

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you can spend 71 percent on entitlements.

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When Jack Kennedy was President, we spent

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26 percent on entitlements. There's just so

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much money that we can borrow from

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the Chinese and print at the Fed.

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Social security and Medicare are about making

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sure that our elderly don't grow old

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in poverty. On social security, I would

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raise the retirement age two years, phased

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in over the next 25 years. Second,

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I would means-test social security, and so

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for anybody who makes two hundred thousand

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dollars a year or more in retirement

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income, income not assets. That means you've

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probably got 4 or 5 million bucks

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put aside. We should also means-test Medicare.

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We should increase eligibility age again for

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Medicare two years, phase in over 25,

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and for folks who make two hundred

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thousand dollars a year or more in

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retirement income, we should only subsidize their

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medicare premiums 10 percent rather than the

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75 percent we subsidize their premiums now.

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Medicaid we should go to a per

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capita grant to each state. You get

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more poor people in your state in

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a particular year, you get more money.

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You get less, you get less. That

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will save hundreds of billions dollars over

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the next ten years. Those steps that

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I outlined and the other ones that

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are written down will save over a

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trillion dollars over the next ten years,

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and not cause great pain or damage

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to any one some people said you're

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crazy. Maybe I am, but you know

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what? We gotta solve these problems.