Here's what Fred Thompson said last night during the Republican debate in Iowa:

"Our country has a $9 trillion debt. A good chunk of that is owned by China. We're bankrupting the next generation, without any question. Every economist in Washington who's looked at will tell you that. It affects our national security, for one reason is because we're squeezing military spending. We're spending below historic norms under these circumstances for our defense, and we're spending twice as much for entitlements.

"That's why I put out a specific Social Security plan that'll save Social Security while saving the government $4 trillion. It's all in entitlements. We've got to spend more for the military, as a matter of fact. But we've got to look at Social Security and Medicare and do some things now that won't hurt anybody badly, but will save it for the next generation."