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.How much? You better sit down, kids:
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.
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"