reischauer? >> i think speed action is called for spent how much time, where the actual changes in policy you make need to be sorted implement it next year is a totally separate issue. it is an area where we generally face policy in over long time to get people -- >> you both made a point if you don't act soon it will be impossible. so again, your advice to us, what's the timetable? how soon do we need to act? this year? next year? i mean, your advice to us. >> you know, i think you should act when the time is right. when changes are being made, i mean, -- >> not from a political standpoint. i'm asking you from a trustee looking at the numbers, how much time would you say we have to act, in your belief? >> i would hope that you would act within the next five years. >> dr. blahous? >> yes. with the disclaimer, i'm probably on the pure line of expert you. i'm probably on the estimates with respect to how bad is going to be for the future of the program if we delay too long, but i certainly agree de

reischauer. >> you agree? >> i've got a republican and democrat to agree click >> maybe we should go to capitol hill now. >> thank you, mr. chairman. mr. starcher recognized. >> thank you, mr. chairman. thank you fold in the searing it ain't the witnesses for their service. i have cheap dimension, dr. blahous.before you choose to criticize my testimony we both have the same background. i noticed you have a doctorate in chemistry. i also have a great deal of experience. i think they took 10 semesters of it at m.i.t. however, the sole second semester chemistry that i had to repeat over and over, but it's a great background. the republicans want to kill social security. i think that's quite obvious and turn it into a voucher program. >> mr. chairman. >> at the gentleman would yield on that. >> mr. stark, as you know, republicans have very strong with a ported to social security. our moms come our dads. >> i think for us. >> we have to be much more bipartisan. >> -- medicare and turn them into voucher systems. doc

doctor robert reischauer, you're recognized. >> thank you, chairman johnson.ranking member, numbers of the committee, i appreciate the opportunity to appear before you to discuss the changes since last trustees report. the judgment is tending to focus on whether the years in which the two trust funds are projected or exhausted or exceeded were transferred there has been a significant deterioration in the financial health of the social security program since the 2011 report. exhaustion date, is the chairman has mentioned, for the oasi program, di trust fund exhaustion date has advanced two years from 2018 to 2016 in the exhaustion date for the two trust funds combined has now been moved to 2033, three years sooner than was projected last year. a more comprehensive measure of trust funds them a financial conditions, is the actuarial balance over 75 year valuation period. this measure is essentially the difference between the annual income and costs of the program summarized over the 75 year period, and expressed as a percentage of taxable payroll over that. not

reischauer? >> i think speedy action is called for. >> how much time do you speak whether the actual changes in policy you make need to be sorted implemented next year is a totally separate issue. this is an area where we phase policy in over longtime to get people speed you both made a point if we don't act soon we will be -- so again, your advice to us. what is the timetable? how soon do we need to act? this year, next year? i mean, your advice to us. >> you know, i think you should act when the climate is right. when changes are being made, i me, is his speed is not from a political standpoint. i'm asking you as a trustee looking at the numbers, how much time would you say we have to act, in your beliefs be? i would hope that you would act within the next five years. >> dr. blahous? >> yes. with a disclaimer, i'm probably on the -- i'm probably on the pessimistic end of the skin with respect to how bad is going to be for the future the program if we delay too long, but i agree definitely withi