Welcome! Log In Create A New Profile Recent Messages

Deep Creek Hot Springs

The Moon is Waxing Crescent (26% of Full)


Re: SC48

All posts are those of the individual authors and the owner of this site does not endorse them. Content should be considered opinion and not fact until verified independently.

August 14, 2007 10:39AM

Learn from the fall of Rome, US warned

The US government is on a ‘burning platform’ of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action is not taken soon, the country’s top government inspector has warned.

David Walker, comptroller general of the US, issued the unusually downbeat assessment of his country’s future in a report that lays out what he called “chilling long-term simulations”.

These include “dramatic” tax rises, slashed government services and the large-scale dumping by foreign governments of holdings of US debt.

Drawing parallels with the end of the Roman empire, Mr Walker warned there were “striking similarities” between America’s current situation and the factors that brought down Rome, including “declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government”.

“Sound familiar?” Mr Walker said............

............“I’m trying to sound an alarm and issue a wake-up call,” he said. “As comptroller general I’ve got an ability to look longer-range and take on issues that others may be hesitant, and in many cases may not be in a position, to take on.

“One of the concerns is obviously we are a great country but we face major sustainability challenges that we are not taking seriously enough,” said Mr Walker, who was appointed during the Clinton administration to the post, which carries a 15-year term.

The fiscal imbalance meant the US was “on a path toward an explosion of debt”.

“With the looming retirement of baby boomers, spiralling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, we face unprecedented fiscal risks,” said Mr Walker, a former senior executive at PwC auditing firm.

Current US policy on education, energy, the environment, immigration and Iraq also was on an “unsustainable path”.

“Our very prosperity is placing greater demands on our physical infrastructure. Billions of dollars will be needed to modernise everything from highways and airports to water and sewage systems. The recent bridge collapse in Minneapolis was a sobering wake-up call.”............


Wizard 835August 07, 2007 05:04PM

Re: SC48

Wizard 549August 07, 2007 09:09PM

Re: SC48

Wizard 524August 07, 2007 09:15PM

Re: SC48

Wizard 627August 11, 2007 11:49AM

Re: SC48

Wizard 565August 11, 2007 12:11PM

Re: SC48

Wizard 600August 11, 2007 11:26PM

Re: SC48

Wizard 497August 12, 2007 12:33AM

Re: SC48

Paul P. 538August 12, 2007 08:58AM

Re: SC48

Wizard 505August 13, 2007 11:15PM

Re: SC48

Wizard 793August 14, 2007 10:39AM

Re: SC48

Wizard 557August 14, 2007 10:02PM

Re: SC48

Wizard 572August 14, 2007 10:22PM

Re: SC48

Wizard 1081August 14, 2007 11:02PM

Sorry, only registered users may post in this forum.

Click here to login