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U.s. over the next ten years, that is their estimate. importantly, bill, about half of those will be here for employment or merit-based reasons. they are chosen for their skills and their contribution to the economy. the result is about a thousand dollars per person in the u.s. under the cbo estimates. these are still significant improvements in an economy that's been starved for jobs for years and really needs a jump start. bill: label me skeptical. they will he be on the rolls which means you can tax them and correct more money, is that how the deficit is reduced? >> absolutely. we'd have ab...

It's basically 50/50 and tax breaks for those companies that don't need it and make wise cuts not in the area of social security or medicare or medicaid, but in other programs that are clearly less efficient, ineffective, or just not needed now. we can do that. the republicans are absolutely refusing to allow such a measure to come to the floor of the house for a vote. and quite possibly the senate will also require 60 votes, and the republicans will stop it. they're headed towards this another manufactured disaster. >> how many jobs, congressman nadler? >> well, the sequestration the cbo esti...

>> it's going to be very, very difficult. we have to find the middle ground. we do have a proposal that we put forward. it's basically 50/50 and tax breaks for those companies that don't need it and make wise cuts not in the area of social security or medicare or medicaid, but in other programs that are clearly less efficient, ineffective, or just not needed now. we can do that. the republicans are absolutely refusing to allow such a measure to come to the floor of the house for a vote. and quite possibly the senate will also require 60 votes, and the republicans will stop it. they're headed t...

In the year 2050, the cbo estimates that we're talking about 2/10 of 1% of the entire economy. that's how much we would reduce spending on social security. 2/10 of 1%. that's today about $30 billion. but we would be talking about an enormous amount of money in the monthly incomes of seniors who are not as a class living it up, as the charts you just put up show. >> as you see it, in the next, say, ten years, would this affect benefits to americans? >> well, it affects -- it would affect them right away. but it's a little bit. basically, chained cpi is if inflation is running 3%, it would be ab...

Health care costs. and looking at average health care costs doesn't work for older people because they're big consumers of health care. >> who is going to get hurt? i mean, if the -- if we cut social security this way? if this is done the way the white house is proposing it, who is going to get hurt? >> well, if you're 45 years old today, or 35 years old today, when you're 85, you will really feel this pain. the change over time will be significant. and the idea of chained cpi is that you'll institute things. so you may be eating hamburger today. you'll be eating chicken later because of chain...