We have a serious structural deficit problem. And it needs to be addressed. The president is trying to address it through reforms of Social Security, but the problem is there with other entitlement programs like Medicare and Medicaid.

And in terms of entitlement reforms, we have to save them from themselves, because if we don't reform social security and we don't reform Medicare, they're going to actually implode.

In fact, entitlement spending on programs such as Medicare, Medicaid, and Social Security make up 54% of federal spending, and spending is projected to double within the next decade. Medicare is growing by 9% annually, and Medicaid by 8% annually.

My neighbors aren't millionaires. They're retirees who depend on Social Security and Medicare.

I think we'll build a consensus for action on Social Security reform which will reduce that long-term unfunded obligation and put the system on a sustainable basis.

The real sin with Social Security is that it's a long-term rip-off and a short-term scam.