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Paying more on the debt than on the kids. which will put children dead last in the categories of things we spend our money on. kids are our future, but not so much in the budget. so that 10% that we currently spend on the kids, what do we spend it on? we spend the plurality of it on tax breaks for the parents, also on health care and education for older kids. a lot of states spend it on education. there is more funding at the state level than the federal level, we should note that. the care at the federal level, about $12 billion, we spend $12 billion on educating and caring for young children...

Pre-school teachers. joining me now is the founding director of the budget office, a former member of the president's debt commission, and an excellent harlem shaker, my friend, alice rivlin, how are you? >> i'm fine. >> this is interesting in terms of what it will do to the private economy, at the moment doesn't seem to be doing all that much. one thing that is happening in the way we spend our money, we seem to be squeezing out a lot of the investments in the future, the investments in kids and research and education. and that actually seems to me like a more pressing problem we need to fix ...

Infrastructure. those will be crowded out, because those, a big portion of the spending is committed to programs for older people. and if those grow on the -- at the rate that they have been growing it will squeeze out almost everything else. >> and one of the other dangers about that, too, aside from the automatic programs like medicare is that we can do reduction in a dumb way, instead of cutting tax expenditures and cutting in health care, we cut deep into things like education. and the sequester, which seems more likely to go into effect than i think anybody thought months ago, the sequest...

Science as you mentioned and infrastructure. those will be crowded out, because those, a big portion of the spending is committed to programs for older people. and if those grow on the -- at the rate that they have been growing it will squeeze out almost everything else. >> and one of the other dangers about that, too, aside from the automatic programs like medicare is that we can do reduction in a dumb way, instead of cutting tax expenditures and cutting in health care, we cut deep into things like education. and the sequester, which seems more likely to go into effect than i think anybody th...

Social security. 20% going to other government functions, 10% to kids, and 6% to interest on the debt. and by the way, in five years it is projected that we'll be paying more on the debt than on the kids. which will put children dead last in the categories of things we spend our money on. kids are our future, but not so much in the budget. so that 10% that we currently spend on the kids, what do we spend it on? we spend the plurality of it on tax breaks for the parents, also on health care and education for older kids. a lot of states spend it on education. there is more funding at the state l...