Politicians who avoid talking about entitlement reform are "liars and cowards," according to former New Jersey GOP Gov. Chris Christie, who says the programs will ultimately become insolvent unless the need for reform is addressed.
"The most disgusting part of Joe Biden State of the Union address this year: So he stood up and he said, 'We'll all agree, right, we're not going to do anything to Social Security'; and both sides got up and cheered," Christie told a gathering in Atlanta on Saturday morning, which aired in part on Newsmax's "Saturday Report."
"A group of liars and cowards, because they know that in 10 years, Medicare will be bankrupt, and in 11 years Social Security will be bankrupt."
Christie pointed to former President Ronald Reagan's entitlements law that requires cuts in Social Security and Medicare of 25% and 26% if the programs go bankrupt, so that must be addressed, he said.
"I want you to imagine for those who are on Social Security right now and depends on it, and for those of you who are looking toward it: What it be like to cut that benefit 25% in one fell swoop? There would be people in this country wouldn't be able to pay the rent or their mortgage, wouldn't be able to buy food, wouldn't be able to heat their homes.
"Cataclysmic stuff, so we've got to have this conversation. And other than me, nobody in this race is willing to talk about it. It's ridiculous."
Eligibility, age, and taxes are the three pillars of entitlements. Christie vowed not to raise taxes, so focusing on removing eligibility for those that have retirement accounts and moving up the retirement age for the younger generation is a good place to start to reform, according to Christie.
"We can make real savings over the long term by playing with the eligibility age, but for younger people, so they have time to plan to establish an IRA [individual retirement account] for themselves; if they already have one, to put more money in; or a 401(k) plan, if their employer provides it," Christie added. "But we give them time for that."
Balancing the bloated budget of the federal government is no longer achievable in the short term, Christie said.
"When I was in the race in 2016, a candidate said he would balance the budget in four years," Christie said. "Let me promise you right now: I'm not balancing the budget in four years. The hole is too big to be able to do it, and it would involve either massive cuts to entitlements, plus massive increases in taxes.
"I don't think we need to do that. We just need to show the trend going in the other direction."
Christie lamented the hole the past presidencies have put the American economy in.
"[Presidents Barack] Obama, [Donald] Trump, and Biden have dug this too deep a hole," Christie said. "I mean, Trump added $6.5 trillion to the national debt in four years and Biden is going to exceed that.
"I mean, look, everybody: This is a bipartisan problem. We have we had a Republican Congress for the first two years of the Trump administration, and we didn't do it."
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