Peterson Foundation's Deficit Alarm

David Walker,President and CEO of the Peter G. Peterson Foundation,feels we have to learn from history and not repeat the mistakes others have made.In the short term,the U.S. is a flight to safety.In terms of public debt,however,we're 10 years away from being Greece.The oil spill shows us corporations do not have duties of loyalty to countries;they are loyal to shareholders.Washington is not the real world and,frankly,New York isn't,either.
The four factors that caused the subprime crisis exist for the government's own finances,Mr.Walker thinks.We're on the path to moving to where the Southern European countries are.The clock is ticking and time is not ticking in our favor.We cannot allow the extremes to polarize our political system.The American people are in the sensible center,and that's where you get things done.Eighty percent of the American people see the budget deficit as a priority,David Walker observed.
On June 26,the Peterson Foundation and others are holding a national town meeting on this subject.It's never been done before,Mr.Walker pointed out.
David M. Walker was Comptroller General of the United States from 1998 to 2008.As the nation's chief auditor,he was head of the Government Accountability Office,where he highlighted wasteful government spending.