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Published on Nov 22, 2009
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."