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>> what kind of money are we talking about saving? >> well, the average social security check right now is $1229. so i calculate that if we go to the cpi system, chained cpi, in 20 years, you would get $126 a month less than you would under the current system. that doesn't sound like a lot of money. $1500 a year. but if you're making less than $30,000 a year, that's a big cut. it's a 5.7% cut. i think, ed, we should go the other direction there is another measure of inflation called cpie, for elderly. and when you do that, 3% inflation raise the elderly's check by about 3.3%. after 20 years, t...

Security check right now is $1229. so i calculate that if we go to the cpi system, chained cpi, in 20 years, you would get $126 a month less than you would under the current system. that doesn't sound like a lot of money. $1500 a year. but if you're making less than $30,000 a year, that's a big cut. it's a 5.7% cut. i think, ed, we should go the other direction there is another measure of inflation called cpie, for elderly. and when you do that, 3% inflation raise the elderly's check by about 3.3%. after 20 years, they would be getting $133 a month more than under the current system. and the s...

So i calculate that if we go to the cpi system, chained cpi, in 20 years, you would get $126 a month less than you would under the current system. that doesn't sound like a lot of money. $1500 a year. but if you're making less than $30,000 a year, that's a big cut. it's a 5.7% cut. i think, ed, we should go the other direction there is another measure of inflation called cpie, for elderly. and when you do that, 3% inflation raise the elderly's check by about 3.3%. after 20 years, they would be getting $133 a month more than under the current system. and the swing between what the petersons wan...

>> it's a big cut. it's a mindless cut. there's no ability to do any sort of strategic planning. i think the defense department can take some reductions. it's part of a budget deal. we can reduce the amount of the money that we're spending but to do it through sequestration, a cut right now, mindless across the board will really hamper our national security. no question. >> you talk about the ability to make some cuts and leon panetta has suggested that being a toletoll tolerable cut. >> we have big weapon systems that have gone over budget, lasted longer.

Introduced to the conversation by governor romney-- that's the point [overlapping dialogue] >> he did it as a dodge so he wouldn't have to talk about the fact that he has distorted his own -- [yelling]. >> i will never raise taxes on the middle class-- wait a minute. obama gives us $6 trillion i. his numbers are skewed. >> sean: romney is saying if we are going to borrow 40 cents of every dollar we are spending, i am going to cut out the superfluous spending that this president won't cut. that's a big cut. >> i am going to cut tax for the rich and promise to balance the deficit and raise t...