OK for a little balance then...
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Good god, someone in the Govt is actually speaking the truth
quicken.com.
The current federal budget deficit isn't the result of the war with Iraq and the recession, as maintained by President George W. Bush, U.S. Comptroller General David M. Walker said Tuesday.
Walker said the deficit is a result of a structural imbalance between federal revenues and federal liabilities and a harbinger of deeper troubles to come. Walker is head of the General Accounting Office and is the federal government's highest-ranking auditor.
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Speaking to a reporter after his speech, Walker also warned against those optimistically predicting that a booming economy will solve the nation's fiscal crisis.
"The hole is too deep to grow your way out of this problem," he said.
The current federal debt, coupled with the future value of the nation's projected liabilities to veterans, retirees and other entitlement programs add to "tens of trillions of dollars," Walker said.
If the value of the nation's federal liabilities for the next 75 years was calculated, it would amount to $150,000 for "every man, woman and child," Walker said. "And there's no paying this off with your credit card."
Walker is known for being outspoken and, while appointed by then-President Bill Clinton, has taken positions unpopular with both Democrats and Republicans at various times.
"My job is to speak truth to power," Walker said. |
