Voices of Reason: David Walker to Speak About US Fiscal Challenges

Believe it or not, there is a voice of reason in Washington, and his name is David M. Walker, the United States Comptroller General.

On Wednesday, he will be the featured speaker in Manchester, New Hampshire, at the latest stop of the Fiscal Wake-up Tour, a nationwide series of town hall forums on America's long-term fiscal challenges.

Once again, our nation's chief accountant will lay bare the fiscal train wreck that is U.S. government finances, noting, among other things, that:

Total reported long-term fiscal exposures grew more than $30 trillion, or 147 percent, between 2000 and 2006

Reported exposure amounts to $170,000 per person, $400,000 per full-time worker, and $440,000 per household

Balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to twice their current level

The U.S. ranks 16 out of 28, on average, when compared to most other OECD countries on selected key economic, social, and environmental indicators, despite being the world's only superpower

Too bad nobody else in Washington seems to be listening. They'll soon wish they had.

Comments

[Bob Misko:]

The past few years, I have shared a 2002 quote by David M. Walker with my economics class.
"Without meaningful reform, the long-term financial outlook
for Medicare is bleak. . . When viewed from the perspective
of the entire budget and the economy, the growth in Medicare
spending will become progressively unsustainable over the
longer term."
It took 40 plus years to get to this point, my guess it will take 40 years to righten the ship. Maybe we should start now?

2007 Feb 12 03:51 PM