Saturday, October 11, 2008

Politics & Money- Mortgaging Our Future


I rarely talk about politics and even rarer do I post about them. Until today. Most of you have probably never heard of the
x-U.S. Comptroller, David Walker. Basically, he was the financial overseer or the certified public accountant for the United States under President Clinton and Bush. Mr. Walker recently came out and shared his views on the current crisis. His views are particularly interesting and non-partisan. WARNING! His perspective is not comforting, but it is at least genuine and steeped in reality.

: Candidates' Fiscal Plans 'Zip' Friday, October 10, 2008 8:40 PM
By: Dave Eberhart


WASHINGTON — David Walker, the outspoken former U.S. comptroller general, gives failing marks to both presidential candidates so far on their proposals to drag the country out of its economic abyss.

Before an intent crowd at the National Press Club, Walker, the no-nonsense one-time certified public accountant for the nation reviewed the various proposals of Sens. John McCain and Barack Obama and played them off the “numbers — you know, that’s the bottom line.”

Looking at the first of four parameters — what impact the plans would have on projected deficits — he concluded: “Both would make it worse, significantly worse as compared to current law. Primarily because both want to extend major portions of the Bush tax cuts and neither one of them want to pay for it.”

Second, Walker compared how each proposal would affect the bottom line. One would lose more money through tax cuts, both would lose money through tax cuts, and one would lose more money through spending increases, he said.

To read the rest of the article, click here.