David Walker: The True ‘Fiscal Cliff’−Debt At $10 Million A Minute
Restoring Fiscal Sanity—The tough choices we face as a nation
This Financial Sense Newshour program is available only as a premium, paid "FS Insider" release.
For advance notice of release of premium, paid "FS Insider" content or to purchase a monthly or annual subscription to "FS Insider" content, go to www.financialsense.com/subscribe.
Show transcript of David Walker: The True ‘Fiscal Cliff’−Debt At $10 Million A Minute
The following is a summary of key points made by David Walker in his interview with Jim Puplava. To purchase this or any of our other full-length audio interviews, please click here for payment and subscription options
-National debt clock is now at $15.9 trillion but understates the true problem because when you add to that military and civilian pensions, healthcare, unfunded Social Security, unfuned Medicare promises and a range of other commitments, the real federal financial hole is about $70 trillion
-Debt has exploded in the last decade largely due to Bush and Obama policies of making fiscally irresponsible decisions
-Walker's questions for serious candidates:
-How will you reform Social Security?
-We haven't had a budget passed for 3 years. Do they support the concept of "No budget, no pay"? If they don't pass a budget in time, Congress doesn't get paid
-Do they support some level of universal healthcare? Are they willing to support some limit to how much public resources are allocated to health care
-Are they willing to reduce defense spending and how do they plan to go about that without comprising national security?
-Do they acknowledge that we need more revenues to solve our problems and how will they propose doing so in ways that don't undercut economic growth?
-Restoring Fiscal Sanity report is available on keepingamericagreat.org, which outlines a pro-active plan phased in over time rather than waiting for a crisis that forces changes
-If we don't solve America's budgetary problems, our cost of living, our future position in the world, and our national security are all at risk. We need to make tough choices now
-Government's two biggest budget items are entitlements and defense. Can the U.S. afford to police the world and have the current level of entitlement spending? No. Everything has got to be on the table
-Visit 10millionaminute.com for a list of events around the country where David Walker and other leaders will be speaking