CEOs call for reforms to entitlements
Head of Caesars Entertainment Corp sounds off
- Duration 6:11
- Date Jan 16, 2013
Head of Caesars Entertainment Corp sounds off
Also in this playlist...
This transcript is automatically generated
It's all right when you got the -- now give us the cuts US CLs going -- wants -- to -- get serious now about while slashing spending.
Offering their own land reform Medicare -- security.
Without throwing granny off a -- there's a concept Caesars entertainment corporation CEO Gary Loveman leading that charge he's here and only -- Gary that's -- because.
You didn't you know sort of take around the edges you you went broadside attacking these problems.
Beginning with those get uses social security and Medicare raising the retirement age to seventy means testing a lot of Medicare all that.
That's gonna win you friends of fast and furious but your argument was and that organization's argument was and is we got it is something now right.
If the government wants to help a fiscal situation that it can live with that can support growth for the economy perspective we have to address the growing.
Expense of entitlements which today.
Constitute more than 40% of government spending and will very shortly be the majority government spending -- really isn't any alternative.
So what -- Gary when you hear so many in congress say leave entitlements alone.
And rely on revenues because there are a lot more revenues to be had been spending cuts to.
But I can't I just can't understand that argument we as Americans put these programs in place many years ago to support Americans in the later stages of our lives.
The good news is the later stages of our lives now come later.
Because were living longer and healthier lives so why would we ever think.
That these programs should be left untouched when the very circumstances they gave -- them in the first place have changed for the better.
So we ought to see this is an opportunity and not dwell lauded as if this is some sort of unfortunate thing we find ourselves talking.
-- your thinking is to think longer term in other words when people here are my guys you know.
Gary and his group want to raise the retirement age to seventy you're not advocating that right now in fact I think you're tribunals -- -- -- people who -- 55 and older now.
Our our our our sticking by the same rules as they exist now those younger.
Phased in with slightly later retirement ages but that falls on -- years.
You're gonna get called on the carpet for all -- throwing granny off a cliff and he -- about.
Well I just think that's -- completely unrealistic characterization -- we're suggesting that people that are today 55 and -- see no difference if you're under 55 Bob -- 52.
Nothing would change for the next ten years indeed change from 65 to seventy for Medicare would not happen acutely it would be feathered in over -- very well don't get.
Get elevator we can part of the deal here since -- -- motivates could you not that.
Down a little lower so that I could be safe and not have to worry about this it's.
Well I'm pretty sure that the thirteen thousand dollars in real terms that -- receive as a Social Security recipient will bought figure.
Ever so prominently and how you're planning your retirement -- but I think -- for folks like us there's lots we can do to make this program.
More open and that seems so we should let you know coming from you Garrett and I don't is that you wouldn't sacrifice I did not wanna share with you but it also -- you bring -- very good point.
That this is long term thinking this is a long term adjustments is a long term fine tuning.
To keep it out of -- and would insults me about this argument even if you try to slow the growth of an entitlement in this case you're just trying to keep it.
You're all but you know.
Giving out -- to grandpa and grandma and and that's not what you're doing but -- this -- -- -- gets every -- -- try to address entitlements.
Well the problem is fundamentally demographic he also were proposing fundamentally demographic responses to it it's as if someone came in -- -- an infectious disease and was treated with chemotherapy.
We're we're suggesting that this problem has risen because Americans are living longer and in better health and hits the government is supporting.
But taxpayers are supporting -- larger percentage of one's life in that was never what.
Wasn't -- what about oil revenues and we get so many congress arguing that look we actually got only half.
Almost a third of the revenues we wanted in this latest -- deal.
Let's explore more revenues let's have the rich pay more and then then will address some of these cuts and savings that Gary.
Alludes to what he -- well because it's the wrong it's with the economy is very weak we need to do whatever we can't support job creation and economic vitality.
Raising taxes more than was just accomplished in the last go -- here in the last few weeks.
On any category of Americans is not a good solution to a problem that is fundamentally a demographic.
But you don't argue that taxes should be part of the you'll argue order right now we've got the tax part of it.
Let's focus on the spending right.
Read we can ratchet back the level of Social Security benefit that people in higher income brackets receive.
Once they become eligible for receiving the notwithstanding your personal concern absolutely absolutely absolutely do that in that addresses that issue we can make the receiving -- a bit more progressive.
But the -- -- -- to -- and a weak economy use continue to increase the level of taxation on.
People that are above the threshold level today.
Group also gets in and as two others -- about the notion that just showing a direction that looks at least more fiscally sound.
Could pay rich dividends right not only will the markets be.
Happy not that we wanna make the supermarkets have jumped for joy but it would it would show sort of -- our our fiscal cred.
And and and there's a great deal to be said of that explained that.
There is a great concern among people in jobs like law and that the government has lost its capacity to fight pragmatic solutions to relatively straightforward problems.
And instead the debate is polarized -- in largely dysfunctional.
So I think what you're suggesting -- might agree with.
Is that any evidence that Washington is capable of getting -- with by being sensible solutions to these issues.
You would be encouraging to every -- it would provide a greater level of confidence and stability.
Oh well thought out ideas there's enough there to both offend everyone and and challenge everyone which is I think -- -- enough of the good idea.
Partner -- very good seeing him.
We'll talk later about you personally.
Secure a deal that would benefit me but -- Odyssey.
That didn't entertain you arm but put put the world what time alone on Gary -- thank you very very much -- -- --