Comptroller General Wants Urgent Action on Hard Choices


The Honorable David M. Walker, Comptroller General of the United States, has been loud and clear in warning Congress, the administration, academia, and the public that the US economic situation requires urgent and radical measures.  “The status quo is not an option.”  

Comptroller Walker points out that balancing the federal budget in 2040 would require either (a) cutting total federal spending by 60%, or (b) doubling current federal taxes.  The fiscal burden for each full-time worker in the US is a staggering $400,000.  As a nation we must act to cut our reckless spending and burgeoning debt. 

It seems to me that he will not be too happy about the new “fiscal stimulus” plans.

Comptroller Walker’s power point presentation “Saving Our Future Requires Tough Choices Today” given in 12/2007 is linked above.  Please comment.


5 responses to “Comptroller General Wants Urgent Action on Hard Choices

  1. Here’s a quick suggestion that will help this blog in the future – as you get going.

    BTW, David Walker (Comproller) and Rep Ron Paul have both been doing Americans a favor by stimulating debate on the economic health of our country.

    Anyway, here’s the suggestion …

    It happens on economic blogs (e.g. Mish, Roubini) that certain subjects get discussed over and over again. This particularly occurs when new readers come along and ask questions that the blog has covered in detail in the past. Unfortunately, they sometimes don’t get answers because the regular readers just get tired of providing the same information repetitively.

    So, Mr Acheson, one great way you could make your blog a service to readers would be to collect valuable posts on certain topics and make them accessible as resource links. Here are some topics that come up often on the Mish and Roubini blogs:

    inflation & CPI
    US dollar
    China and currency
    US banking and how it works
    Fed operations
    US money supply
    Japanese Yen
    Carry Trades
    British Pound
    CDO’s and SIV’s
    Prime Brokers (Large Wall St Banks)

    I know this is a bit of work to create these extra links and store useful posts – but you may find it gives your blog a competitive edge. Lots of readers will use it as a resource. For the other major blogs, some really useful resources have become lost in the volume of commentary.


  2. Someone should also post an explanation of the RH scenario. You won’t find THAT in wikkipaedia, and newcomers keep asking what it is.

  3. To London Banker or RH-
    I’m a Roubini fan(atic) and have read and re-read all the RH posts. Could someone please give a PLAIN english translation of his scenario? I love RH but his comments are still cryptic and written in some kind of insider code that I think I understand, but I’m not certain I understand. What’s the big swing? what’s taking out the hedgies? It’s really frustrating to not know if I know…..tx

  4. I just Told Everyone I know About Your siteFantastic work guys

  5. PiertyAcouptcilipep

    wkwshuhcvsnjcalwwell, hi admin adn people nice forum indeed. how’s life? hope it’s introduce branch 😉

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