Comptroller General Warns of Fiscal Calamity

[Shooterman]

http://www.newsmax.com/archives/arti...756.shtml?s=al

snip

In an exclusive interview with NewsMax, Comptroller David M. Walker, explained his mission: Save America from the brink of financial disaster.

Walker has revealed America's collision course in computer simulations that show balancing the budget in 2040 (under the status quo of spending like there's no tomorrow) could require cutting total federal spending by an incredible 60 percent - or raising federal taxes 200 percent over today's level.

Serving a 15-year appointed term that began when he took his oath of office on Nov. 9, 1998, this no-nonsense certified public accountant is the nation's chief accountability officer and head of the U.S. Government Accountability Office (GAO).

Cut spending by 60% or raises taxes by 200 % by 2040, or we're in the crapper.

snip

Prescription Drugs:: Walker says that the prescription drug plan is the "poster case for what is wrong with Washington."

He notes that when Congress first took up the matter of Medicare prescription drugs, estimates placed the cost at $300 billion.

But he argues that both Congress and the administration simply downplayed or ignored the true costs of the program. Today, the nation will have to pay out for the program $8 trillion-plus in current dollar terms.

Walker also detailed that when the Medicare actuary of the Center for Medicare/Medicaid Services calculated the true costs of the program, he "was told he could not tell the Congress or else he might lose his job."

"That not only was unethical but it was illegal, and nobody has been held accountable for it," an angry Walker said.

Pretty well lays it out.

[BrianK]

Originally Posted by Shooterman

http://www.newsmax.com/archives/arti...756.shtml?s=al

snip

In an exclusive interview with NewsMax, Comptroller David M. Walker, explained his mission: Save America from the brink of financial disaster.

Walker has revealed America's collision course in computer simulations that show balancing the budget in 2040 (under the status quo of spending like there's no tomorrow) could require cutting total federal spending by an incredible 60 percent - or raising federal taxes 200 percent over today's level.

Serving a 15-year appointed term that began when he took his oath of office on Nov. 9, 1998, this no-nonsense certified public accountant is the nation's chief accountability officer and head of the U.S. Government Accountability Office (GAO).

Cut spending by 60% or raises taxes by 200 % by 2040, or we're in the crapper.

snip

Prescription Drugs:: Walker says that the prescription drug plan is the "poster case for what is wrong with Washington."

He notes that when Congress first took up the matter of Medicare prescription drugs, estimates placed the cost at $300 billion.

But he argues that both Congress and the administration simply downplayed or ignored the true costs of the program. Today, the nation will have to pay out for the program $8 trillion-plus in current dollar terms.

Walker also detailed that when the Medicare actuary of the Center for Medicare/Medicaid Services calculated the true costs of the program, he "was told he could not tell the Congress or else he might lose his job."

"That not only was unethical but it was illegal, and nobody has been held accountable for it," an angry Walker said.

Pretty well lays it out.

By the year 2040. What is the average age of the politicians that can or should be doing something now? I ask that only because most will not be around when their lack of action now won't affect them.

I can't begin to imagine the pain suffered by those dependent on social programs if a 60% cut in federal spending began. What about the impact on those still working if a 200% increase in taxes was instituted.

Being a senior now is beginning to look really good.

[Shooterman]

Originally Posted by BrianK

By the year 2040. What is the average age of the politicians that can or should be doing something now? I ask that only because most will not be around when their lack of action now won't affect them.

I can't begin to imagine the pain suffered by those dependent on social programs if a 60% cut in federal spending began. What about the impact on those still working if a 200% increase in taxes was instituted.

Being a senior now is beginning to look really good.

All good points, Brian. Of course the criminal Pilesofcrapticians that have retired will continue to draw their stipends from the well of plenty, and it wont' affect them. The chances are very good we will suffer a revolt at the grassroots level, when the taxpayers say no more. When they do that, those on the Government Teat, having been cut off from their daily manna, won't be happy campers either. The ensuing rioting and civil war will not be pretty.

Thomas Jefferson advocated no more debt than could be paid back within the lifetime of those making the debt, say a 20 year span.

Repeal the !6th Amendment.

Repeal the 17th Amendment

Repeal the Federal Reserve Act of 1913

Return to a hard currency monetary system, preferably gold or a combination of gold and silver.

Cut all entitlements immediately by 10%

Cut all discretionary spending immediately by 30%

Raise taxes by 5% with the additional tax applied to the debt

Hold all Pilesofcrapticians responsibile for the debt, in prison at hard labor. Allow 2 hours daily to conduct country's business.

Those dead and buried that were responsibile, exhume their bodies and hang.

That'll do for starters.

[BrianK]

Originally Posted by Shooterman

All good points, Brian. Of course the criminal Pilesofcrapticians that have retired will continue to draw their stipends from the well of plenty, and it wont' affect them. The chances are very good we will suffer a revolt at the grassroots level, when the taxpayers say no more. When they do that, those on the Government Teat, having been cut off from their daily manna, won't be happy campers either. The ensuing rioting and civil war will not be pretty.

Thomas Jefferson advocated no more debt than could be paid back within the lifetime of those making the debt, say a 20 year span.

Repeal the !6th Amendment.

Repeal the 17th Amendment

Repeal the Federal Reserve Act of 1913

Return to a hard currency monetary system, preferably gold or a combination of gold and silver.

Cut all entitlements immediately by 10%

Cut all discretionary spending immediately by 30%

Raise taxes by 5% with the additional tax applied to the debt

Hold all Pilesofcrapticians responsibile for the debt, in prison at hard labor. Allow 2 hours daily to conduct country's business.

Those dead and buried that were responsibile, exhume their bodies and hang.

That'll do for starters.

You just put in place something politicians aren't able to come up with. A plan that would work. Great starter!!!!!