If nothing is done by the President and Congress,big tax increases and spending cuts will take effect January 1-the fiscal cliff.It would be a crash course in fiscal reform that could cause another US recession and disrupt the global economy.
We need to do a down payment and make a bridge to the Grand Bargain,according to David Walker,former Comptroller General of the United States during the Clinton and Bush administrations.We do need to broaden the tax rate and lower the top marginal rate to 25%.
The Grand Bargain would include comprehensive tax reform and entitlements reform.
Here's what we need:to avoid the fiscal cliff with a down payment for credibility.Think about limiting deductions for the wealthy to charitable contributions alone if you really need to.The administration and Republicans are not gonna agree on a Grand Bargain.That cannot be done in a lame duck,hurried fashion.
I'm concerned that the wings are starting to mobilise,the far left and far right.Ultimately,we've got to get debt to GDP down to reasonable levels and keep it there.
David M. Walker,61, is a CPA and was US Comptroller General from 1998-2008.From 2008-10,he was head of the Peter G. Peterson Foundation.In 2010,he founded the Comeback America Initiative to promote fiscal responsibility.
A frequent chat show guest,Mr.Walker is author of the bestselling book "Comeback America:Turning the Country Around and Restoring Fiscal Responsibility."
Showing posts with label David Walker. Show all posts
Showing posts with label David Walker. Show all posts
Tuesday, December 4, 2012
Sunday, June 13, 2010
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.
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.
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