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post #1 of 7 (permalink) Old 03-31-2010, 01:24 PM Thread Starter
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Who will bail out America?

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."

What's ultimately at stake may be nothing short of Americans' faith in government and our standard of living. "There is a way forward. There is hope," Walker says. "But we need to actually make some tough choices."

Walker, author of a new book, "Comeback America," argues the U.S. needs to tackle four key issues if the nation wants to recover:

Impose tough budget limits
Reform Social Security
Cut health-care costs
Reform the U.S. tax system
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post #2 of 7 (permalink) Old 03-31-2010, 04:58 PM
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Define America...

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post #3 of 7 (permalink) Old 03-31-2010, 05:51 PM
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Originally Posted by TexasDevilDog View Post
maybe the govt. will go bankrupt then a new debt free govt. will take its place.

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post #4 of 7 (permalink) Old 03-31-2010, 06:01 PM
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America is going to limp out of this recession, but whats America going to do when the next one hits? the debt is to high and so are the costs. my prediction: thing are going to get better in the short term, partly because its just the natural economic cycle, other part is our government has pushed the costs a little down the road. but what I fear will happen is that people and companies will start to jump ship and move their operations overseas, to avoid our high corporate taxes and not be caught by a weakening dollar.

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post #5 of 7 (permalink) Old 03-31-2010, 06:58 PM
Canada is welcome here.
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Nobody. Sad thing is, it's our own government that's killing us.

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post #6 of 7 (permalink) Old 04-01-2010, 01:21 PM
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Originally Posted by justinsn95 View Post
Nobody. Sad thing is, it's our own government that's killing us.
its not just the government, people are selling out too.

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post #7 of 7 (permalink) Old 04-01-2010, 02:06 PM
Keep your unicorns
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Just form the NAU and start paying our debts in Ameros. If the EU can do it so can we.

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