the baby boomers that took over only knew the upside only knew about prosperity. over wall street and had the hunger for profit they realized something else that up until this point the investment houses had been partnerships. >> all of the banks that blew themselves up they were all publicly traded bear staerns, neiman brothers, they used to be partnerships and now they became publicly traded. >> when you were a partner in a wall street firm you were a partner that meant joint and several liabilities. >> you have complete total liability for anything that happened. if one of your partners really screws up badly and loses billions of dollars when you are sued they go after the partner's assets that includes not just their stocks and bonds and bank accounts but their houses and cars and boats and rolexes. there is no shield. >> let me tell you, other than tell your wife that you have had an affair, i can't think of a more uncomfortable situation than going to the partners saying by the way i lost you 50 to $100 million which each will have to write a check out of t

it's the year 2011 that is the year the first baby boomer turns 65. and qualifies for medicare benefits. >> the iceberg under the surface the liabilities in the form of promises that we have made to people particularly younger people today, that we will be able to pay them their social security, their pensions and their health care, for the rest of their lives, strongly subsidized by government. when we haven't the slightest ability to sustain and underwrite that funding without massive boar reing. borrowing far beyond -- massive borrowing, far beyond what we can afford. >> it means we would need to have somewhere in a bank 100 trillion dollars right this minute earning interest. the problem with that is, the total nation at wealth of the united states the money that every single american has saved, add it up the value of every corporation the value of every security, every stock, every bond. if you add all of that together it only comes to just over 50 trillion dollars. so we have problems, twice the wealth of the entire united states to the elderly,

baby boomers. all right? born between 1946 and 1964. tough.d watch. my father was a writer, and he did that, larry, but the people have to know, you can't go from one job and go to the competitor and get another job. if you're one of those baby boomers, and it's critical, you must get retrained. you have to learn more skills. you must be a realist. you have to do it. no shortcuts. >> larry: got to -- whatever it takes. >> if you're a baby boomer in there, absolutely. you can't just switch companies and hope to get a job. will not work. >> larry: how do you network without being annoying? >> well, that's a real nice skill, but i think one little thing, and my father taught me this, if you can go around all of your life, and the minute i shake your hand and you introduce yourself to me, right to my brain bank what can i do for larry king? if you live your life that way, my father never made $10,000 a year. he headed the associated press, writer, for 45 years. never made 10 thousands -- he lived like a millionaire because of his friends. and my p

of television he was one of the biggest stars in the country and a hero to millions of young baby boomersportrayal of the davy crockett. our own lee cowan takes it from there. >> reporter: if you were a kid in the 1950s and 1960s, chances are your history of the american frontier was framed in part by fess parker. his portrayal of davy crockett made coonskin cap as must-have. >> think of elvis, beatlemania. that was davie rocket. ♪ davy ♪ davy crockett ♪ king the of the wild frontier ♪ >> it was a thrill. it was beautiful. we shot it in the smoky mountains in the crockett country. >> reporter: that wasn't parker's only foray into the great american west. he played daniel boone, too. >> keep you alive. >> reporter: in fact, that was one of nbc's highest-rated shows of the day. born in texas in 1924, parker was known for his gentle presence on the screen. >> thing to do now is try and forget it. go and be a man. >> reporter: but also for his hospitality. >> truth is, i don't know nothing at all about politics. >> reporter: he did know a little something about wine. he bought a 700 acre ranc

prebaby boomer. you know, we were born before the baby boomers. then you have the baby boomers and generation x and the generation y the millennial generation and another generation about the new silent generation about to enter the work force or organizations. and so you have about six generations in the work force. they were named because they're exceptionally different. you come from my generation and you're the son or daughter of the depressionary-era parents. they taught you about financial security, job security. if you're a young person today maybe not so much. you're willing to take risks, you're willing to move. and this manifests itself in many different ways. i mentioned in the book an incident of someone i know who works for a major mutual fund company. and he was tasked with coming up with the awards and incentives program for the company and he decided he would poll all the employees to say what do you want? if you do a good job and we're going to recognize you in this company, what is it that you want? what he found was the older ge

no doubt that the millions of american veterans who served their country and many of whom are baby boomers and will be facing $520 billion in cuts in the medicare program to pay for a new government program at a time when our nation is broke, that they're going to be as concerned as all of us are here today about this health care legislation, this monday strossity that is going to include $569 billion in tax increases that will cost millions of american jobs. they will be concerned to hear from the 130 economists from across the country who sent president obama a letter explaining how this legislation is a job killer. they will be concerned about their children and grandchildren who will intert the enormous debt -- inhernt the enormous claim that this will result in tax -- in deficit reductions, they know that when you have a side deal of over $200 billion to take care of physicians under the medicare bill, when you have a bill that provides six years of coverage with 10 years of tax increases in medicare cuts, that that does not balance out. in fact, this legislation is hundreds and hundr

we were born before baby-boomers them baby-boomers, generation x, a generation y., the millennium announcea new generation. the know we have about the six generations of the work force and they are named because they are exceptionally different. my generation you're the son or daughter of depression-era paris they taught you about financial security, job security, a young person today you're willing to take risks and move and this manifest itself some many different ways. and mention someone i know that works for a major mutual-fund hong company he had trouble the wars and incentives and he decided he would pull the employees to say what do you want? if you do a good job and we recognize you, what is it that you want? the older generation said put it in my paycheck the younger generation said i want a picture with the boss , a certificate, recognition which is one important. were you can count on the older employees that were settled not ready to move with the job security and believe me i know of this in the last 10 years you could find some in person come in and say i am out of here. i a

i think you've got an overall riding demand from the standpoint you've got a big baby boomer population that needs income. they're equity oriented. they're going to have to get cash flow. >> paul, you agree with that? >> somewhat. but here's the problem. if people are using dividend stocks as a substitute for fixed income products, they're in for a rude awakening when the market corrects which i think we're in for the second half of the year. more importantly last night's vote was bad for dividend stocks. it's bad for the markets, bad for the economies. taxes are going to go up next year. dividend stocks are going to be right in the cross hairs. >> paul, i think that's an incredibly good point. and it's something that, you know, everyone's very much concerned about. exactly when will the policy that we're seeing out of washington start to catch up to the stock market? so far, paul, it hasn't. i mean, we're up 32 points today. we've been in a sluggish but real bull run over the course of the last nine trading sessions or so. at what point does the market start to suffer as a result of wa

today, as happened yesterday, and as happened yesterday, and as will happen tomorrow, 7,000 baby boomersretirend going on the social security and medicare roles, increasing the pressure on our ponzi system we call our entitlement programs. this at a time when we're now about to, probably right up the street from here today, going to add at least 32 million more people of the middle class entitlement, involving subsidies of health care insurance, up to $80,000 a year. democrats who vote in the house today for this, think they're going to put it behind them. the odds are very good, after the reconciliation procedures are done in the senate, that will it come back to the house. we'll be wallowing in health care for a long time to come. and finally, once this has passed, the american people will look at the health care system and say this is the system that democrats wanted. so, every complaint they have is going to be a complaint about democrats. >> can i jump in before the majority leaders? >> sure. >> that's the weakest argument for keeping 32 million americans still off of health care. f

>> we boomers who expect to collect social security and medicare are basically stealing from babies. >> you two may not have much of a future because you got to pay for geezers like me. you got to work really hard. >> they'll have to pay such high taxes to pay for my entitlement, they might as well wear a ball and chain, it's a ponzi scheme a billion times worse than bernie madoff, but congress isn't investigating it, they're running it. >> and now they've added a new entitlement to it, health care. it's just so irresponsible. megyn: but if you talk to the democrats who pushed the health care bill through, they say we need it, that otherwise we were going to implode and it would have been much worse for our children who weren't getting coverage. >> yeah, and if you believe what the cbo says, what the cbo says, they are going to put medicare, which they would have to do to pay for it and they never cut anything. they're going to cut the doctors' pay? no, they're a powerful lobby. megyn: whose children were those? first of all, you put children in jail, now we see you taking toys from

>> this is boomer. >> when you're here, he's totally comfortable. you're okay.ay away from the head. it's a dominance type of thing. all things probably some of these pet owners should know if you're going to have an animal. >> before this show started i don't think i would have been near as concerned about petting him and now i am. are there things you can do with you here that make this safe? >> absolutely. i mean, the fact that there are people who have no training at all that take these pets. they don't make good pets, shouldn't be pets. there are people who know how to take care of wild animals. accredited zoos and people who have spent years of their lives studying how canimals can be bet taken care of. >> if i took this animal home -- >> you'd probably die. the fact of the matter is like the chimp lady, those animals are getting old enough they're going to turn on her eventually. a predator is a predator. their instincts will kick in. this guy is docile, he's been trained and he's been raised properly around poeople. he has instincts that say, i want to k

and with 7,000 boomers a day reaching retirement age, the need for help has never been greater.ancial advisor can help you plan, invest, and manage your assets, which could make your second act better than your first. merrill lynch wealth management. >>> if a school continues to fail its students year after year after year, it doesn't show any sign of improvement, then there's got to be a sense of accountability. our kids get one chance at an education and we need to get it right. >> president obama is proposing an overhaul to the no child left behind act. to reward schools for improvement and better prepare stunts for college. with us now, someone with an opposing point of view, education historian, former assistant secretary of education and author of a new book -- thank you very much. thank you for joining us. it's good to see you. i was fascinating by your articles, your new position on this. you've studies it and you think now that you were wrong initially. that we are being too punitive of teachers and students are being drilled on the basics, but losing out on everything

every day, 7,000 boomers reach retirement age. and they are rewriting what it means to retire.t merrill lynch, we have over 15,000 financial advisors to help you create a strategy to consolidate, manage, and invest your assets, which could make your second act better than your first. merrill lynch wealth management. but we're also in the showing-kids- new-worlds business. and the startup-capital- for-barbers business. and the this-won't- hurt-a-bit business. because we don't just work here. we live here. these are our families. and our neighbors. and by changing lives we're in more than the energy business we're in the human energy business. chevron. >> neil: welcome back to washington, everybody. i'm neil cavuto. 216, 216, 216. how many times have i said that number? it might be drilled into your head. it's drilled into mine. that's how many votes they'll need in the house of representatives to get this healthcare thing passed. you need 216 votes. depending on whose count you buy and where we go with all of this, no more is any pressient than the other. they're close, and some

and with 7,000 boomers a day reaching retirement age, the need for help has never been greater.or can help you plan, invest, and manage your assets, which could make your second act better than your first. merrill lynch wealth management. you can label as "different." like janice. uh-huh. yeah. fashion deficient. and tom... copy incapable. it's open kimono time. looking good, dan. oh, we want to make sure all our ducks in a row. yeah. volume control syndrome. but we focus on the talent and skill that each person... brings to the team. i mean, no one's really concerned about labels. not even mine. labels get in the way. disabilities rarely do. visit thinkbeyondthelabel.com to evolve your work force. your p.a.d. isn't just poor circulation in your legs causing you pain. ok. what is it? dad, it more than doubles your risk of a heart attack or stroke. you'd better read about plavix. if you have p.a.d., plavix can help protect you from a heart attack or stroke. plavix helps keep blood platelets from sticking together and forming clots- the cause of most heart attacks and strokes. tal

and with 7,000 boomers a day reaching retirement age, the need for help has never been greater.cial advisor can help you plan, invest, and manage your assets, which could make your second act better than your first. merrill lynch wealth management. >>> i'm david shuster. we're following breaking news on msnbc. the man charged with kidnapping elisabeth smart is now set to stand trial. a judge reeled 56-year-old brian mitchell does not suffer from a mental disease or defect that harms his ability to understand the proceedings against him. elizabeth smart was 14 years old in 2002 when she was kidnapped from her home. this is a major ruling in the case. in just a few minutes, we'll be joined by ed smart, the father of elizabeth, for his reaction to this ruling today and the breaking news. >>> some other stories we're following today. a showdown is heating up between republican senator jim bunning and the obama white house. administration officials are accusing the kentucky senator of holding jobs and money hodge. >>> dozens of lawmakers announced they will not run for re-election. e

recessionary environment consumers eating more at home and being more in the grocery store, so we are seeing boomers for example, you know, want to eat a little bit more at home, and looking for a meals that they can cook in the grocery store, and obviously, that part of the population is going to expand. we think that the trends are pretty favorable for us going forward. >> well, with that in mind, are you looking to hire and expand your company at all? >> well, general mills is a company in the u.s. in our headquarters and r&d complex in the minneapolis/st. paul area, we have hired over the last couple of years, so our company and i would say our industry in general has been very resilient, and a good employer and not only in the u.s., but for us, you know, internationally around the world. >> before i let you go, kendall. your thoughts on the health care legislation? >> well, um, it is -- it's something that now a lot of it we really didn't actually get a good take on it until the very end. so we are reviewing exactly what it will mean for us, and it is going to take aus whius a while that. so, i

social security -- it will in the future as baby boomers are retiring and getting benefits, it actuallyell a few years back but that is not rising to the share of the budget. medicare has been and we have a broken health care system and president obama was trying to address that. that is the direction you have to go. if you want to talk about getting our budget in line, it is a health care story. we pay more than twice as much per person as people in anyç other country. r coany, canada and england. if we had the same per person ldalth care cost of any of those usestries we would have enormous surpluses as far as the i can c. we have an enormous health care ngoblem and that is dealing with special interests and pharmaceutical companies and medical supply companies and doctors and hospitals and insurance companies. congress is not interested tackle lows buér if you are worried about the long-term budget situation is a health care story. it is that simple. h host: carl in indianapolis is first. >> caller: my question is for dean baker and involve the viability of a keynesian stimulus. i

sons and daughters of baby boomers being called boomerangers.he other cool thing that jake says about living at home, he says grandpa makes the best pancakes. >> shepard: wouldn't that be nice to move back home and get the whole family together. >> i know, right? >> shepard: sounds like fun until the kids start crying. changes things. thanks, laura. a 15-year-old girl asked her high school for help after learning she was pregnant. the school, as the story goes, put her in a taxi and sent her to a clinic for an abortion. the school never told the parents. we'll report so you can decide on questions which have followed that. but, first -- ♪ >> shepard: the star of the 60's television show "i spy" died today. robert culp collapsed on a sidewalk outside his home in california. preliminary investigation ruled his death accidental. "i spy" aired from 1965 to 1968. critics called it a new milestone creating humor and adventure. also the first mainstream show to feature a black ache nor a starring role. that actor, of course, a guy named bill cosby. cul

now, social security gets a lot worse in 2016 on as the baby boomers start retiring and medicare will have even bigger problems. that's why analysts say we are headed for a cliff. we have more than $5 trillion in unfunded liabilities in social security and 38 trillion in medicare, all money that will have to come from taxpayers or else the two systems will not be able to pay the benefits that have been promised. trace? >> trace: chief washington correspondent jim angle live tonight. thank you. a new strategy in the nuclear showdown with iran. as the islamic republic continues to defy the international demands over its nuclear program, there is now talk the u.s. is softening its demands. fox reports live from the pentagon. and they called them flash moms. public gatherings that people organize online. they are supposed to be fun. but in some cases they have turned violent. and now one city is cracking down. that's coming up from the journalists of fox news. you're on "the fox report." they'd like to discover what they mean... and how to best use them. and now they can. because the accu

they say it's helping fund the baby boomers' retirement for which i am grateful. [laughter] the local schools are getting money from just like any other working family the local schools are getting money from their rent they pay and real-estate taxes their landlords are paying, so i think we have a large population of the illegal workers in arizona and i think that they have probably contributed to our economy. >> philippe, anything to add to that? >> no, again it is a to which soared. there's no doubt that excessive and illegal immigration has been a great strain on the social and educational services in countries -- in this country. there's also no doubt that these undocumented migrants make a great contribution. i live part of the year my wife and i am a city in southeastern connecticut and i don't know of a landscaping crews or construction crew or roofing crew or anything including the ones we have used that are not all spanish-speaking and i don't think there's a green card there among them but they all work like the devil and take chances on their work that

and with 7,000 boomers a day reaching retirement age, the need for help has never been greater.errill lynch financial advisor can help you plan, invest, and manage your assets, which could make your second act better than your first. merrill lynch wealth management. >>> a text message triggered a savage beating that left a 15-year-old florida girl in a coma fighting for her life. last wednesday police say josie ratley was repeatedly kicked in the head by a 15-year-old boy she never met. the beating happened as she wait fod ar bus at deerfield beach middle school. the same school last october where a group of boys set a boy on fire. >> where is security? where are the teachers? where is everyone when these children are out and about like this when these kids are ready to go home and no one was there when this incident happened. it's mind boggling. >> nbc's michelle kosinski is live at broward hospital where she's recovering from the second brain surgery with the latest. michelle. >> reporter: that's what was so extraordinary about this. it's so extreme and sudden. this happened b

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couldn't impart that information to anybody, but two other people were standing on trial for the boomerand were convicted and served 18 brutal years in prison, until the young man died and the priest came forward. and it struck me, cuba you know, where's the quote unquote just as appalled as. and i started to kind of re-examine those old rules that i just memorize and called myself as a practicing attorney. the boy looked into it the more i realized a rational and reasonable as those worlds are as society has changed, those rules need to be modified as well. take for example, a husband and wife privilege. the notion that it is the marital relationship leads the conference of privacy so that intimate relationships can be fostered. and yet we now live in a world where half of the marriage is end in divorce, half of the people are living together are not married. we have surrogate mothers, don't bother us, stepparents. i call it the cleaver, you know, the cleaver version of want to have become is has nothing to do with what the reality of what's going on. and similarly in terms of going ba

as security has not been rising in its share of the budget and it will in the near future is baby boomers are retiring and getting benefits. in fact it actually fell a few years back but in any case that is not the big share of the budget. medicare because we have they broken health care system and president obama was trying to address that, but that is the direction you have to go, so we want to talk about getting our budget in line really this is a health care story and one point to understand here, we pay more than twice as much per person as people do in any other country we think is comparable, germany, canada, whatever country you want to point to. with we have the same for person health care costs we would have enormous surpluses as far as the eye can see. so we have an enormous health care problem and that is dealing with special interests, the pharmaceutical companies, the medical supply companies, the doctors, the insurance companies. congress is not anxious to tackle those but if we are worried about the long-term budget situation it is the health care story. >> host: it is tim

10 years, we're going to add 35 million people to the medicare rolls in this country when the baby boomers hit. three things will happen. you'll decrease access and quality because you can't see your doctor and costs will go up. so seniors get it, the doctors get it, and they're going to work harder. and there is no meaningful tort reform and without that you can't reduce the cost of care. the american people get this. the people of tennessee don't want this plan. the people of the united states don't want this plan, but the politicians who vote for it are not listening. i choose to listen to the american people and vote no and urge my colleagues to do the same. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from south carolina. mr. spratt: mr. chairman, for purposes of unanimous consent request, i yield to mr. meeks of new york. the speaker pro tempore: the gentleman is recognized. mr. meeks: thank you. i ask unanimous consent to extend and revise my remarks and submit my statement into the record. the speaker pro tempore: without o

most baby boomers are planning to work longer and pay into the system logger.'m not going to wait until age 70 to take social security. what is the average age? you mentioned that medicare will be taking a larger portion of the gdp. what percentage of that 11.1% is medicare? >> i, being honored, to -- i am a bean counter, too, but i have too many beans. you can look up the numbers on our website. so security is -- what you see as a turning point, so security receives interest on the accumulated bonds in the trust fund -- social security receives interest on the accumulated bonds and the trust fund. those are interesting numbers and i cannot keep them in my head. i think the question of retirement age is important. we wrestled with that. we wonder about how some recent economic development would affect that. there is another study coming out about how we make projections. social security, depending on when you take benefits, there is an adjustment of how much you collect that is not quite actuarially there, but is close. i do not know exactly what projections we

even though he's gone it's safe to say that many an aging baby boomer still has a vintage coon skin capone. >> oh. >> osgood: we also learned this week of the death at age 83 of peter graves who made his name playing two iconic characters of the 20th century. using his dead pan gravitas to very different effect. beginning in 1967, peter graves made the impossible look easy week after week. the cool and unrattled secret agent jim phelps in the long- running tv mission impossible. >> every passenger in this plane will have fish for dinner. will become violently ill in the next half hour. >> reporter: despite initial misgivings, peter graves turned that image upsidedown in the movie airplane. in which he played a bumbling pilot with a knack for the author taf tively delivered non-second with a tore. >> have you ever ben in a turkish prison. >> osgood: the most serious of actors peter graves made it look easy. two he's teemed former colleagues of ours here at cbs news died this past week of cancer both of them taught the rest of us here a lot. it was john who taught me how to tie a bow tie.

what the baby boomers have done to the education system and the unions have done stinks. we are leaving the system because it doesn't work. i pay my taxes for the system and i don't use it. i don't believe in your standards. i believe what standards you set, you need to look a generation back. and stop trying to preach morality in the systems and put that back to the parents. i have seen other children in other situations, private schoolchildren and home schoolchildren are better behaved. a public school system is lord of the flies, i have not seen it getting better. i have spent years with my child and teachers lowering the expectations trying to help. i don't see how they can help by stepping in and making the textbook companies richer and taking more empowerment away from the parents and trying to tell them how to raise their children. host: thank you caller. guest: she makes a couple of interesting points. when she talked about the federal government, they had nothing to do with it, no federal funds or directions. this is a group of states working together on behalf o

. >> the point is over the long term because the boomers are retiring, but birthrates are down, we don't have a labor market right now, we have employment that's about 10% so the theory under this assumption is that firms will have to compete for workers because there are more jobs at less workers to take the jobs to compete on benefits. >> you think the opposite? it is deployed and that is not where they are doing. >> i will yield one more time to the gentlelady but the gentle lady would say this as usual we have an armature for this debate and the cbo looked at this and it is not concluded the kind of dumping would happen. >> i hope it's not 4 million which is what cbo concludes will lose the coverage. i know what's wrong. >> they wouldn't lose their coverage and would shift to the exchange. a different point. >> madam chairman, i should have said this at the beginning i have a terrible sinus problem and i apologize i'm clearing my throat a lot. it has nothing to do with what any of you are saying and i realize there are times in clearing my throat and i apologize -- >> we need better

i've worried, in particular, about the growing federal deficits that are projected after the baby boomerseave the workforce. if health-care costs keep rising at the pace we've seen in years past, the federal debt could rise relative to gdp in a fashion that would eventually become unsustainable. such long-term deficits pose a clear threat to our economic well-being. when the federal government borrows on such a massive scale over a long time period, it drives up interest rates and sucks up savings that would otherwise finance productive private investments, potentially eroding living standards. but it's important to keep these concerns in perspective. in times of recession, when private-sector demand is insufficient to keep unemployment from rising too high and inflation from trending too low, it's appropriate for the federal government's deficit to increase. at such times, reduced taxes and increased expenditures provide crucial support for the economy. that was certainly the case in 2008 and 2009. indeed, during economic downturns, much of this support occurs automatically. recessions a

and, third, it invests in our provider workforce to counter the rapid retirement of baby boomers. out in oregon, we're going to lose 20% of our primary care physicians in the next five years, while many of us as baby boomers ourselves, are going to need more health care. so those things are huge challenges. this bill takes a stride that's very significant. and this week we will work to pass an up-down vote on an up-down vote pass a bill that will make further improvements to the bill that the president signed just yesterday. i'm pleased to join my colleagues in this fight to repair a broken health care system that just isn't working for our working citizens. thank you. mr. warner: thank you, senator merkley. thank you for sharing also those stories from real folks who are dealing with the current broken health care system, the enormous stress, challenge and burdens that our current system places on those families. i think we take a giant step forward -- the president already has -- by signing into law the bill yesterday. we will continue that step with passing this reconciliation

host: what we have learned is that the major components of cost our demographics, aging baby boomers, technology. how the proposed to control those? guest: delivery system reforms. right now we have a fee-for- service system. every time someone goes to the doctor, a procedure or test is ordered or run, dr. makes more money. you get seven different bills, one from the radiologists, dr., a surgeon, anesthesiologist. it has not encouraged working together as a team. if we did, it would increase quality of care and bring down costs. we should reimburse based on the quality, not the quantity. those are the changes that we need to make. host: as another component, do believe there is need for attention to medicare fraud? guest: i think that the reconciliation package will have strong language. the senator from oklahoma has been a leader. my understanding is that his language will be incorporated into the reconciliation package. host: tell me what the funds are like in your office now? guest: we hear from both sides. i'm hearing more about this by far than from any other issue. it is uniquel

increase in adults age 25-39 living at home because of the recession, sons and daughters of baby boomers are being called boomerangers. it may not be for everyone, but for kids like ten-year-old jake angelo, it's pretty great living at home with your grandparents. >> we also get to spend a lot of time. that's the best part. and i can't imagine how it would be without them. >> angelo is so cute. it really is a big decision for many. experts say this is basically remaking your family and the key is a lot of talking, having open dialogue about discipline, chores, and of course, respecting space. bill? bill: that's the way it used to be. laura ingle in new york, thank you. martha: this question for you on this wednesday, how much confidence do americans have in their government? and who do you believe has a solid financial plan? wait until you see the surprising answers to these questions in some brand new fox polls. we'll be right back. bill: more than $12 trillion growing, that is what we owe as a nation. the national debt, just over $40,000 for every american citizen. just one of the many

how is this level of debt sustainable especially as more and more of the baby boomers reach retirementge and are we on the same fiscal pact as greece? are we damaging opportunities for future generations? regarding unemployment i am concerned with the administration's confusing message with regard to job creation. the federal government is running up enormous debt in an effort to stimulate the economy however on the other the administration is pushing for massive new regulations on health care, greenhouse gases and the financial industry. these new regulatory policies don't stimulate growth or small business lending. they are creating a lot of uncertainty among lenders, among the many small businesses with whom i speak on a daily basis and consumers. i agree there are some common sense reforms needed in all of these areas massive new government intervention in these areas will hinder short-term economic growth. the had illustration is trying to spend our way out of the recession and high unemployment at the cost of future generations and you are also advocating policies that will hurt

when you add the demographics of baby boomers entering that. in their life, costs are going to increase. we're approaching a problem much worse than today. we watch 142 hours of television a month as americans. which are not moving very much. the cdc reports that seven chronic illnesses account for $1.10 trillion annually in this country. our weight is killing us. people have been before you before and said that if we lost weight would be great. it may be oversimplifying, but it is true. for someone with a bmi of under 25, the annual spending is about $3,500. if you are over 40, it is $7,600. it just keeps going. for someone with a high bmi, their costs are going to be 90% higher than somebody with a low one. it does matter. the question is what you do about it. it keeps growing faster and faster. you combine that with a lack of health literacy. people do not know much about health. you will hear web folks talk about the incredible volume of people who go to the internet to seek out help information. what we know about all that is people go to

when you add the demographics of baby boomers entering that.in their life, costs are going to increase. we're approaching a problem much worse than today. we watch 142 hours of television a month as americans. which are not moving very much. the cdc reports that seven chronic illnesses account for $1.10 trillion annually in this country. our weight is killing us. people have been before you before and said that if we lost weight would be great. it may be oversimplifying, but it is true. for someone with a bmi of under 25, the annual spending is about $3,500. if you are over 40, it is $7,600. it just keeps going. for someone with a high bmi, their costs are going to be 90% higher than somebody with a low one. it does matter. the question is what you do about it. it keeps growing faster and faster. you combine that with a lack of health literacy. people do not know much about health. you will hear web folks talk about the incredible volume of people who go to the internet to seek out help information. what we know about all that is people go to s

and he and i always were interested in a topic called baby boomers, of which i am a part of that population. i am very greatly concerned about my friends, they're all very discouraged at where we are. some of them have guaranteed pension plans. most of them have had to go to a 401(k). and it is down. stock markets are still do and we're very concerned about our retirement. and most of my friends from south carolina are going to draw social security at 62. this is a huge number, almost 80 million. tell me, how these great initiatives are fabulous. but i'm going to get my social security, and i know my friends are. [laughter] >> david? >> well, first, social security does not face an immediate crisis. it is negative cash flow, and cash flow was key. it's got a $78 trillion unfunded obligation. but frankly solving social security in basketball terms is a layer. you can miss a let but it is a pretty high percentage shot. what we need to do is to gradually increase the early and the normal retirement age, let's say, for example, three years over 20 years and index it to life expectancy. strength

i would like to know how this is going to affect the baby boomers that don't qualify for medicare andcan't afford independent health insurance, which runs about a third or half of their monthly income. guest: thank you for the question. because that population, whether you're in it or not, is the population that most needs the assistance, some form of -- a road to get to insurance because the private insurance market doesn't give it to you. this legislation will establish this marketplace, this exchange where all the insurance companies will then be able to offer an insurance policy. because it's an exchange administered by the federal government, we can make sure that, for example, that there are real consumer protections in it. that there are minimum benefit levels and that there are, for example, caps on how much an insurance company can charge you for any type of care you get. we can make sure as well that they don't discriminate against you for preexisting conditions. the reason the insurance companies will participate with all those constraints on that unscrupulous activity is b

host: what we have learned is that the major components of cost our demographics, aging baby boomers, and technology. how the proposed to control those? guest: delivery system reforms. right now we have a fee-for- service system. every time someone goes to the doctor, a procedure or test is ordered or run, dr. makes more money. you get seven different bills, one from the radiologists, dr., a surgeon, anesthesiologist. it has not encouraged working together as a team. if we did, it would increase quality of care and bring down costs. we should reimburse based on the quality, not the quantity. those are the changes that we need to make. host: as another component, do believe there is need for attention to medicare fraud? guest: i think that the reconciliation package will have strong language. the senator from oklahoma has been a leader. my understanding is that his language will be incorporated into the reconciliation package. host: tell me what the funds are like in your office now? guest: we hear from both sides. i'm hearing more about this by far than from any other issue. it is uni

want to go back to regular medicare and have to pay huge prices for secondaries and all the baby boomersre retireing? what's going to happen to a system with few doctors and too many people in it and prices going up? guest: when i was governor, we created universal health care for kids. everybody under 18 in my state has health insurance. in order to do that we used medicaid and made it a middle class entitle meant so people could put their kids on it to make sure they had insurance. to make that work we had to raise rates for pediatricians. if medicare works they have to raise it for primary care physicians. it's not that you can't see it but you can't get into see a primary care physician because the reimburse meant rates are so low. it's not very expensive to do that. we don't have time to go over the system we should have, but if you look at a good system it's caser. tertiary care facility and all in one system. if you would give caser a certain amount of money doctors could make decisions about how to do that and save a fortune. those are the kinds of private that work well. medicar

over the next ten years at a time when medicare is already mired in debt and as we a wave of baby boomers are going to start hitting the medicare system immediately. medicare advantage, which provides better benefits than traditional medicare and is a very valuable tool in rural and underserved areas may decrease. this law does little to address the historic disparity in medicare funding between urban areas and rural areas. i'm also very concerned about the cost and spending projections of this legislation. there is a great deal of debate going on right now about the real cost of this bill. former c.b.o. director douglas holsekan estimated in an article in "the wall street journal" recently that the bill may increase the federal deficit by by $562 billion over ten years because of some of these areas that i just discussed. the official score maintains that the bill would lower the deficit by $143 billion over that same period, but it includes a number of unlikely assumptions. medicare being one of them. the system for reimbursing medicare doctors, called the sustainable growth rate, is ag

the numbers don't add up with baby boomers retiring. medicare goes bankrupt much more quickly.s exploding. and it seems like both parties, both sets of leaders are, like you said, aren't willing to do anything that will hurt them in next year's election. >> well, modern political rhetoric just doesn't allow it. political consultants would tell you, if you're a politician, you would say, i really think we ought to go out and recommend cutting entitlement programs. they'll say you're crazy. and they're probably right in the short-term. they're probably right. you won't get elected. but somebody has to break through this. and that person, i think, is barack obama. i think only the president really can start this rolling. and he has made noises about it. he's hinted at it. there have been head fakes. he's set some of the rhetoric, but he's never stepped directly up to it and levelled with what we have to do here. >> evan, talk a bit about the idea that there are two concepts of service now existing in this country. one, we can read about and witness on tv. it's occurring in places

caller: my concern is, i am a baby boomers. know, what we did was more or less became a religion. we really believed in what we were doing. what i see now is there is a lot of anger. there are a lot of people in pain out here that are getting older and they have a campaigns, and we can't even deal with that once we admitted we have had a problem in the past. and doctors are abusive parent we -- abusive. we are locking people up better nonviolent offenders. we are making billions of dollars off of it. it is not the states locking people up -- it is private concerns making big money. to me, it is so abusive to treat human beings that have real pain and problems and are trying to deal with life on life's terms. this is a way to do it. we are just a creature appeared and that -- this is just a creature. one way to deal with life's turnips. i will let it go. i just appreciate being here. god bless you. guest: people do self medicate. and we know that in the med school, doctors cannot get a huge amount of training when it comes to ei

i've worried in particular about the growing federal deficits that are projected after the baby boomersth care costs keep rising at the pace we've seen in years past, the federal debt could rise relative to g.d.p. in a fashion that will eventually become unsustainable. such long-term deficits pose a clear threat to our economic well being. when the federal government borrows on such a massive scale over a long time period, it drives up interest rates, and it sucks up savings that would otherwise finance productive private investments, potentially eroding living standards. but it's important to keep these concerns in perspective. in times of recession, when private sector demand is insufficient to keep unemployment from rising too high, and inflation from trending too low, it's appropriate for the federal government's deficit to increase. at such times, reduced taxes and increased expenditures provide crucial support for the economy. and that was certainly the case in 2008 and 2009. indeed, during economic downturns, much of this support occurs automatically. recessions always bring lowe

i've worried, in particular, about the growing federal deficits that are projected after the baby boomers leave the workforce. if health-care costs keep rising at the pace we've seen in years past, the federal debt could rise relative to gdp in a fashion that would eventually become unsustainable. such long-term deficits pose a clear threat to our economic well-being. when the federal government borrows on such a massive scale over a long time period, it drives up interest rates and sucks up savings that would otherwise finance productive private investments, potentially eroding living standards. but it's important to keep these concerns in perspective. in times of recession, when private-sector demand is insufficient to keep unemployment from rising too high and inflation from trending too low, it's appropriate for the federal government's deficit to increase. at such times, reduced taxes and increased expenditures provide crucial support for the economy. that was certainly the case in 2008 and 2009. indeed, during economic downturns, much of this support occurs automatically. recessions