That is the message from David Walker. He is the former Comptroller General of the United States. He served in that post for 10 years, and was appointed by Bill Clinton. He also served as Chairman of the Government Accountability Office, and was the Global Managing Director at Arthur Andersen.
Walker compares our present situation with the Roman Empire in its decline, saying the U.S. government is on a “burning platform” of unsustainable policies and practices. Walker says fiscal deficits and expensive overcommitments are threatening a crisis if action is not taken soon.
According to Walker, “Any additional accumulations of debt are basically deferred tax increases. Unless we begin to get our fiscal house in order, there’s simply no other way to handle our ever-mounting debt burdens except by doubling taxes over time. Otherwise, our growing commitments for Medicare and Social Security benefits will gradually squeeze out spending on other programs.”