Simpson's Lesson

Former Senator Alan Simpson, a member of the president's special commission on deficit reduction, gives a wonderful insight into his thinking, at least, on social security.

The White House's Deficit Commission has been operating mainly behind closed doors, coming up with a way of cutting entitlement programs like Social Security and Medicare that's politically palatable enough to prevent any lawmakers from losing their seats in Congress. But Alex Lawson of Social Security Works, recently made something of a breakthrough, getting commission co-chair Alan K. Simpson on video. The two have a frank, detailed and often contentious conversation about what the commission plans to do about Social Security benefits.
Simpson says they're talking about cutting benefits in 2037 as a way to make ends meet.
SIMPSON: Just listen, will you listen to me instead of babbling? In the year 2037, instead of getting 100% of your check, you are going to get about 75% of your check. That's if you touch nothing. If you like that, fine. You'll be picking with the chickens yourself when you're 65.