Monday, March 10, 2008

David Walker exits

Who? It's the Comptroller General of the United States - the nation's accountant - and he's leaving his office on Wednesday to head up the newly created Peter G. Peterson Foundation. But before he goes, here's his latest on USA Today "How the U.S. can avoid a fiscal wreck":

The U.S. government's total liabilities and unfunded commitments for future Social Security and Medicare benefits and other items are estimated at $53 trillion, up from about $20 trillion at the start of this decade, and are rising at a rate of $2 trillion to $3 trillion a year.

This fiscal gap translates into an IOU of about $455,000 for every American household. In other words, our government has made a whole lot of promises that it will be hard-pressed to keep without increasing taxes to levels far beyond what the American people have tolerated historically. By refusing to make tough choices and by charging up the nation's credit card, we are mortgaging the future of our children and grandchildren.
How much? You better sit down, kids:

Every child born in this country enters the world owing $175,000 in retirement bills.
So, to recap, the nation's chief accountant David Walker and the former Federal Reserve chair Alan Greenspan both agree that runaway entitlement spending pose a clear and present danger to the nation's economic well-being. The fiscal burden is so massive, it will wipe out all the discretionary spending and leave little room for anything except Medicare, Social Security, and interest on the ever-expanding debt.

Extra - Repeat post: Walker on "60 Minutes"


Opinionated Vogon said...

The fix to this problem is simple, elegant, and of course blocked, and lied about, by the left. Its a program that within a single generation could wipe out poverty and make the poor rich.

What is this miracle that could wipe out the bulk of a 53 Trillion dollar unfunded liability? It happens to be the ONE THING that Obama has taken OFF the table. (go figure)

Privatize SS. A modest 40k a year earner would retire with 3.2 Million in a private account. Money that he could will to his heirs. Money that if he only lived on the interest alone never touching the principle, would deliver over $25k a MONTH to live on during his retirement.

Do you think someone earning 25k a month could afford private health insurance - meaning we can also eliminate medicare - from that income?

So tell me why the left had to flat out LIE about privatization?

If you'd like to know more about this solution please visit the authors site:

Vegetated moron said...

They lie because they're liberals, and they're liberals because they lie. I learned it by reading blogs!