Why US Economy will Collapse - I.O.U.S.A. the movie

Why US Economy will Collapse - I.O.U.S.A. the movie
David Walker, Comptroller General of the USA,

"I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility," - David Walker, Comptroller General of the USA.

David Walker is a prudent man and a highly respected public official. As comptroller general of the United States he runs he Government Accountability Office, the GAO, which audits the government's books and serves as the investigative arm of the U.S. Congress. He has more than 3,000 employees, a budget of a half a billion dollars, and a message he considers urgent.

"I'm going to show you some numberstheyre all big and theyre all bad," he says.

So bad, that Walker has given up on elected officials and taken his message directly to taxpayers and opinion makers, hoping to shape the debate in the next presidential election.

"You know the American people, I tell you, they are absolutely starved for two things: the truth, and leadership," Walker says.

He calls it a fiscal wake up tour, and he is telling civic groups, university forums and newspaper editorial boards that the U.S. has spent, promised, and borrowed itself into such a deep hole it will be unable to climb out if it doesnt act now. As Walker sees it, the survival of the republic is at stake.

"Whats going on right now is were spending more money than we makewere charging it to credit cardand expecting our grandchildren to pay for it. And thats absolutely outrageous," he told the editorial board of the Seattle Post Intelligencer.

You have heard this before, from Ross Perot 15 years ago. You might have even thought the problem had been solved, when President Clinton announced, "Tonight, I come before you to announce that the federal deficit will be simply zero."

"Well, those days are gone. We've gone from surpluses to huge deficits and our long range situation is much worse," Walker says.

"President Bush would argue that the economy is in pretty good shape, unemployment is down, the deficit is actually less than expected," Kroft remarks.

"The fact is, is that we don't face an immediate crisis. And, so people say, 'What's the problem?' The answer is, we suffer from a fiscal cancer. It is growing within us. And if we do not treat it, it could have catastrophic consequences for our country," Walker replies.

The cancer, Walker says, are massive entitlement programs we can no longer afford, exacerbated by a demographic glitch that began more than 60 years ago, a dramatic spike in the fertility rate called the "baby boom."

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[1XMarksSpot]

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[123gwf]

Maybe we should stop giving 700 billion to the big banks. Just a thought.

[hank1961]

Yeah, vote for Ron Paul, so the christian right can take over the country completely.

[vladimirkovalski]

@21greendayrocks ignorange is not bless dont lie to yourself just because you dont believe a snake can kill you doesnt mean your going to live

[vladimirkovalski]

@SMILEYRLR the top countries in the world is falling and you claim the worlds economy is not collapsing The united states in thrillions and trillions of dollars in debt and you claim the world economy is not collapsing . You should know that if Euro and the us falls than the whole worlds econmy collapses with it. Right now those two are falling and the people in charge of this are the illuminati and they are doing as they please. How do you think bible prophecy will be fullfiled

[SMILEYRLR]

@vladimirkovalski the world economy isn't collapsing. some country's going through an economic boom because the out sale the country's that have done experienced the revolution and these country's may be full of natural resources as well, which backs there currency, while nothing is backing the us economy's. Your looking at the greatest depression in history and if you wanted to make a perdition of an Apocalypse it would be 3rd world country's rising to power, or WWIII

[21greendayrocks]

Oh and I'm atheist so don't believe in illuminati or anything

[21greendayrocks]

Hum we can change and it's really just the way the world runs . I'm a rebel and I will do what I can . Anything

[vladimirkovalski]

The pope is the anti christ which the lord JESUS warned us about. The pope and jesuits and freemasons and illumanati and the rest of the secret socities control the worlds economy. They are crashing the worlds economy on purpouse so they can set up the pope as The God of this world. This is all satans plan but the lord jesus warned us that this would happen. worship the lord jesus christ only not the pope and you will escape hell. why do you think the us went to iraq it was part of there plan

[comali2212]

@Vintexen The greedy and eccentric lifestyle most americans lived better say because it is diminishing now, is the cause behind the credit debts, we all know the bailing out the government gave to stabilize the economy and avoid bankruptcies.

[Vintexen]

@comali2212 The Federal Government doesn't spend any money on "the eccentric and greedy lifestyle most americans live" but you have a point with the war spending. The Government needs to make cuts to everything.