I’ve been watching with interest the federal government’s struggle with the budget process and how to reduce the deficit. I look at it from a logical standpoint. David Walker the former US Comptroller General of the Government Accountability Office, has presented the facts succinctly for many years. Bottom line: without big changes, entitlements (Social Security, Medicare and Medicaid) will occupy the entire federal budget Walker says “the survival of the republic is at stake.” You can watch the video in it’s entirety below.
He says by 2040 the government will only have enough money to pay interest on the federal debt and some entitlements – nothing else. Not defense, not education, not homeland security.