Ex-GAO head: US debt is three times more than you think

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I have no doubt that this is true.
 The Hill:  The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.
Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.
If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms,” Walker told host John Catsimatidis on “The Cats Roundtable” on New York’s AM-970 in an interview airing Sunday.
The former comptroller general, who is in charge of ensuring federal spending is fiscally responsible, said a burgeoning national debt hampers the ability of government to carry out both domestic and foreign policy initiatives.
“If you don’t keep your economy strong, and that means to be able to generate more jobs and opportunities, you’re not going to be strong internationally with regard to foreign policy, you’re not going to be able to invest what you need to invest in national defense and homeland security, and ultimately you’re not going to be able to provide the kind of social safety net that we need in this country,” he said.  He said Americans have “lost touch with reality” when it comes to spending.
Walker called for Democrats and Republicans to put aside partisan politics to come together to fix the problem. 
“You can be a Democrat, you can be a Republican, you can be unaffiliated, you can be whatever you want, but your duty of loyalty needs to be to country rather than to party, and we need to solve some of the large, known, and growing problems that we have,” he said.

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0 responses to “Ex-GAO head: US debt is three times more than you think

  1. Democrats: “fundamentally transforming” America into Zimbabwe…

  2. Why isn’t this news on TV network news? We all know it would be if the White House occupant were any one but a black and a Democrat.

  3. I have seen credible numbers that suggest the actual debt is at least twice that. Some far more knowledgeable than me have even said it might be bumping up against $200 Trillion.

  4. Obama has no one to blame but himself. He signed into law as president many of the spending bills he voted for when he was in Congress. His Democrat-controlled 111th Congress took control of spending on Jan 3, 2007 when it was installed. Since then it has outspent the previous 110 Congresses COMBINED! House Republicans want to curb the spending. Senate Democrats want it to continue. Spending bills originate in the House and come to the floor of the Senate for a vote. But Harry Reid vowed never to let a GOP-sponsored bill come to the floor of “his” Senate for a vote, thereby denying the Republicans a voice in the legislative process. Do you begin to see the problem now? Democrats OWN the mess we’re in. It is they who have to compromise!
    ‘The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that, “the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.’- Senator Barack Hussein Obama, March 2006

  5. I don’t doubt Mr. Walker’s numbers. Even if they are just guesses, government’s Social Security liability is as big as the national debt: $18 trillion and counting. Its prescription drug liability is $22 trillion. Then there’s the Medicare liability of $86 trillion. Total unfunded liabilities of the U.S. government are at least $125 trillion. We are on the hook for all that, in addition to whatever personal debt we may have (car loans, student loans, credit card debt, etc.)
    ‘The net liability of the U.S. government, shared among its citizens, amounts to almost $1.1 million a head. And the government’s debt is growing at $1 million every 45 seconds. To cover its annual deficit, it is printing $1 trillion a year of currency that is not backed by any asset whatsoever.’ -Lord Monckton, advisor to former British prime minister Margaret Thatcher

  6. . . . . when you state “Obama has no one to blame but himself” This would seem on the surface to indicate that Obama has the ability to feel “blame.” Not only does he not blame or feel remorse for the situation the country is in–it is exactly where he wants it to be. Just like water swirling around the drain hole . . . never to be seen again. The debt that we are in is causing our great nation to slowly die. The first place to start in resolving our financial woes is . . . audit the Federal Reserve (which is a private corp who makes money off printing our nation’s money and controlling interest relative to our debt.) To those who do not understand the basis of our money woes, get a hold of the book, “The Creature from Jeckle Island.” Until I read that book, I had no clear idea how money worked in our country, or in the world. It really is a must read if you want to be an educated person.

    • “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford

    • …Zero seems to want to blame the Republicans for all the country’s ills, simply because he feels they stand in his way. Since he isn’t inclined to take responsibility for his own actions, there are those of us who would call him on it. Therefore I agree with your point that Zero doesn’t have the ability to feel blame. We all know that liberals are perfect. Therefore, they cannot ever. ever fail. It’s always someone else’s fault.

  7. not a surprise…all they do is lie and push their agendas

  8. I wonder how many Legitmate Americans LOOK FORWARD to the day that OBAMA SHUTS HIS FUCKING MOUTH?

  9. Pingback: IMF recommends governments confiscate citizens’ assets |

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