Skip to comments.U.S. Standard of Living Unsustainable Without Drastic Action, Former Top Govt. Accountant Says
Posted on 03/31/2010 1:36:13 PM PDT by AtlasStalled
A longtime budget hawk and currently CEO of the Peter G. Peterson Foundation, David Walker says America's growing long-term debt is dangerously close to passing a "tipping point" that could trigger soaring interest rates and a plummeting dollar. In a worst case scenario, that could trigger a "global depression," he says, warning: "Nobody's going to bail out America."
With the U.S. facing $50 trillion in unfunded liabilities and around $62 trillion in total long-term debt, what worries Walker most is what happens after the recession dissipates, as detailed here. "I'm less concerned with the short-term deficits than I am the fact that we're not doing anything about those structural deficits that people used to call long-term," says Walker, former U.S. Comptroller General and head of the Government Accountability Office. "But the long-term is here."
(Excerpt) Read more at finance.yahoo.com ...
DUH???! No kidding...coulda seen this coming.
Democrats have been criticizing our standard of living for decades. Why is it a surprise that when they achieve total power they do everything in their power to crank it down. They don’t even deny it really. They just don’t talk about it but it is plain as day that is the consequence of ALL of their policies.
This picture is a classic.
Our “standard of living” is just fine,
providing we pay for what we buy (on an individual basis).
Move along serfs.
That's a best-case scenario. The worst-case scenario is a violent and tragic civil war that makes the first one look like a mere football game. I pray daily for my country.
They do this and yet get a free pass from the voters.
It amazes me how many people are too lazy to research and read the real news and facts enough to make a really informed decision and thus let these Communists get away with destroying our country.
I like David Walker and have kept up with him for several years.
The story he’s telling is the same one he’s been telling the entire time including his time as Comptroller General.
It’s a shame he left the government, but I’m sure he ticked off A LOT of politicians with his dire warnings...that they all, apparently, completely ignored.
Walker did see this coming. He’s been going on for years about unsustainability and is probably one of Clinton’s only stellar appointees.
Everyone should prepare themselves for future poverty. Make sure that everyone in your family is carefully saving money.
The other thing they don’t talk about is when things get really bad, the poor will get hit extremely hard. When this happens, they will be looking things in all of our neighborhoods......not just the hood. Best get prepared for this.
thanks for the clarification.
I know what will help! We need an order from the EPA declaring CO2 to be a dangerous pollutant.
That should fix everything...
Peter paid Peter? WOW, and how did Peter, who is paying Peter ever figure this out all by himself. Looks like too many on the wagon eehhh, Peter.
Robbing from Peter to pay Paul. That will always have Pauls support.