"I read a report by David Walker, the former Comptroller of the United States, where he was explaining the depth of the fiscal budget alone. He estimated that balancing the Federal Budget by 2040 would require actions as large as: 1. Cutting Total Federal Spending by 60%, or 2. Raising taxes to 2X today's level.
He also states, "Closing the current long-term fiscal gap based on reasonable assumptions would require real average annual economic growth in the double digit range every year for the next 75 years.
Keep in mind that: During the 1990's, the economy grew at an average 3.2% per year. So… "As a result, we cannot simply grow our way out of this problem."
Well… Now that's something to help wake you up, eh? But deficits don't matter; so don't worry about what the former Comptroller of the U.S. says… HA! You won't catch me taking that bait! David Walker is a very smart man, and has been the Lone Ranger in the Government when it comes to pointing out the problems with these deficits."
Chuck Butler in The Daily Pfennig of April 16, 2008
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