Who is David Walker, and why does he think the US may go bankrupt by 2040?

Question

Go to this link to help answer the question;

http://www.cbsnews.com/stories/2007/03/01/60minutes/main2528226.shtml

After you've read the article or watched the video, do you;

Think this is a problem that needs to be dealt with now?

or

Do you think this can be pushed back to later?

no name - how do we pay back the people that have paid into it?

Answer 1

This is a problem that needs to be dealt with now because every single year it is ignored interest accumulates on the debt and the US remains at the mercy of foreign lenders.

If Americans want the government to take care of them once they reach old-age they have to accept higher taxes to pay for it. Health care is increasing significantly by the year, and Medicare is already ballooning in its expense every year. Walker is warning both present and future policy makers that unless the US wants to be in serious economic shape 20 years from now, serious and unpopular actions need to be taken.

The alternative is passing on the financial burden to the youth, and eliminating medicare, with only the very wealthy in society able to live relatively comfortable in their old age.

Answer 2

Yes, it's a problem that needs to be dealt with now.

Dismantle the Federal government until it is responsible for nothing more than law enforcement, Federal courts and military defense.

Scrap the Social Security Administration. Eliminate the Department of Education. Get government out of the health care business, except to cover medical care to veterans at private institutions of their choice. Keep going down the list until government administers only those services which cannot be better covered by the private sector.

Answer 3

Thank you for posting this. He is the comptroller of the United States (although when I first heard about his message, I must admit to not knowing that). In arguing economics on this site, I have frequently wondered who was the primary source of some of the fiscal danger information that I had read, but I could not remember. You have brought him back to my attention, and links to his arguments.

Thanks much!

And no it can't be pushed back to later. Here's an idea. How about we tax those people who can most afford to bear the burden of this nation's taxes? The rich. Imagine how much we could at the least, improve our situation.

Answer 4

Needs to be dealt with, which is why, although I am a Democrat, I do not support national health care. We can't afford the entitlement programs we already have. There are no easy solutions.

Answer 5

I think that if this crooked group of politicians wanted, America could have streets paved with gold by now. Its the politicians and their corporate masters that are destroying the future for all.

When Enron types have $500 million dollar bank accounts and matching equity in assets, what motivates them to steal and cheat for more? It is as though they are competing to catch up to Bill Gates net worth even though they have more money than their family could ever squander in twenty generations.

Answer 6

Enron and Halliburton are the masters of bleeding out other corporations, so why not the whole of America. On another question it was noted that Halliburton is moving operations outside of American jurisdiction to Dubai. Dubai were the Muslims that Bush wanted to sell the American ports to.

Answer 7

He is wrong. We were bankrupt in 1988, but didn't declared. We just raised taxes a la Democrat.

Answer 8

If people like bush don't stop spending on stupid things it will happen a lot sooner