Former U.S. Comptroller General David Walker traveled across the country this fall to educate Americans about the true scope of government debt. His “$10 Million A Minute” tour through the Comeback America Initiative hit several states before the general election. Most of his discussion focuses on entitlement spending, that is Social Security, Medicare and Medicaid.
Walker has a series of ideas on how to bring those programs into fiscal solvency, but the first step is acknowledging the extent to which Americans have been promised cash payments from the federal government.
Walker makes media appearances regularly, and this appearance on MSNBC’s Morning Joe last year provides his opinion on the federal debt problem.
“Federal spending is up 300 percent net of inflation in the last 40 years. The government has promised too much, waited too long, delivered too little at all levels of government. We’re going to have to make tough choices…and taxes are going up.”
And that was over a year ago. The debt has only gotten worse since then.
It’s worth noting that federal revenues have remained steady historically, the amount taken through taxes holding between 15 and 20 percent of GDP. This is despite a variety of tax rates–higher and lower–for different income brackets. This alone suggests strongly the problem is spending, not revenues.
Walker added, “There is no party of fiscal responsibility.”
This is exactly what we at the Coalition to Reduce Spending endeavor to change. Our “Reject the Debt” pledge is only the first step toward keeping elected officials accountable to the fact debt is created by habitual deficit spending and can only be addressed by reducing spending.
Both parties owe it to the American people to be fiscally responsible. Regardless of your view of what government should and should not do, government plainly cannot do it all. We must reduce spending.