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  • August 13, 2007 at 5:17 PM #9843
    bsrsharma
    Participant

    http://www.ft.com/cms/s/80fa0a2c-49ef-11dc-9ffe-0000779fd2ac.html

    Learn from the fall of Rome, US warned
    By Jeremy Grant in Washington

    Published: August 14 2007 00:06 | Last updated: August 14 2007 00:06

    The US government is on a “burning platform” of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action is not taken soon, the country’s top government inspector has warned.

    David Walker, comptroller general of the US, issued the unusually downbeat assessment of his country’s future in a report that lays out what he called “chilling long-term simulations”.

    These include “dramatic” tax rises, slashed government services and the large-scale dumping by foreign governments of holdings of US debt.

    Drawing parallels with the end of the Roman empire, Mr Walker warned there were “striking similarities” between America’s current situation and the factors that brought down Rome, including “declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government”.

    “Sound familiar?” Mr Walker said. “In my view, it’s time to learn from history and take steps to ensure the American Republic is the first to stand the test of time.”

    Mr Walker’s views carry weight because he is a non-partisan figure in charge of the Government Accountability Office, often described as the investigative arm of the US Congress.

    While most of its studies are commissioned by legislators, about 10 per cent – such as the one containing his latest warnings – are initiated by the comptroller general himself.

    In an interview with the Financial Times, Mr Walker said he had mentioned some of the issues before but now wanted to “turn up the volume”. Some of them were too sensitive for others in government to “have their name associated with”.

    “I’m trying to sound an alarm and issue a wake-up call,” he said. “As comptroller general I’ve got an ability to look longer-range and take on issues that others may be hesitant, and in many cases may not be in a position, to take on.

    “One of the concerns is obviously we are a great country but we face major sustainability challenges that we are not taking seriously enough,” said Mr Walker, who was appointed during the Clinton administration to the post, which carries a 15-year term.

    The fiscal imbalance meant the US was “on a path toward an explosion of debt”.

    “With the looming retirement of baby boomers, spiralling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, we face unprecedented fiscal risks,” said Mr Walker, a former senior executive at PwC auditing firm.

    Current US policy on education, energy, the environment, immigration and Iraq also was on an “unsustainable path”.

    “Our very prosperity is placing greater demands on our physical infrastructure. Billions of dollars will be needed to modernise everything from highways and airports to water and sewage systems. The recent bridge collapse in Minneapolis was a sobering wake-up call.”

    Mr Walker said he would offer to brief the would-be presidential candidates next spring.

    “They need to make fiscal responsibility and inter-generational equity one of their top priorities. If they do, I think we have a chance to turn this around but if they don’t, I think the risk of a serious crisis rises considerably”.

    Copyright The Financial Times Limited 2007

    August 13, 2007 at 6:07 PM #74694
    NotCranky
    Participant

    “All empires eventually fall because there is something inherently wrong about ruling the earth.” Robin Williams

    August 13, 2007 at 6:07 PM #74810
    NotCranky
    Participant

    “All empires eventually fall because there is something inherently wrong about ruling the earth.” Robin Williams

    August 13, 2007 at 6:07 PM #74818
    NotCranky
    Participant

    “All empires eventually fall because there is something inherently wrong about ruling the earth.” Robin Williams

    August 13, 2007 at 6:32 PM #74697
    blahblahblah
    Participant

    Allow me to pre-empt this thread by summarizing everything that will inevitably be posted in response to the original article. This way, we don’t have to waste time posting things here that aren’t going to change anyone’s mind anyway.

    * Mister Smartypants Comptroller Man is just being an alarmist like the global warming/peak oil people because he wants to sell books and be on TV.

    * Fighting terrorists is expensive! If we are running out of money then we need to get rid of Medicare/Social Security/Public Schools/The Police Department so that we can keep fighting them over there so we don’t have to fight them here.

    * Who cares what happens to the US? I’ve already made MY MONEY and I’m gonna move to Brazil/Switzerland/Antarctica where everything is sexier/more efficient/much colder anyway!

    * If Mister Smartypants Comptroller Man doesn’t like it here, why doesn’t he just get the hell out? Maybe he’d rather live in Iran — hey, just who is this guy working for anyway? Maybe he needs a little waterboarding hee hee.

    * If there are problems, they’re all Bill Clinton/Al Gore/Michael Moore’s fault. Bill Clinton got a BJ hee hee and the girl was fat hee hee.

    * Al Gore is a fat poo-poo head. And a liar.

    Okay everyone, back to the housing threads. Nothing more to see (or say) here…

    August 13, 2007 at 6:32 PM #74821
    blahblahblah
    Participant

    Allow me to pre-empt this thread by summarizing everything that will inevitably be posted in response to the original article. This way, we don’t have to waste time posting things here that aren’t going to change anyone’s mind anyway.

    * Mister Smartypants Comptroller Man is just being an alarmist like the global warming/peak oil people because he wants to sell books and be on TV.

    * Fighting terrorists is expensive! If we are running out of money then we need to get rid of Medicare/Social Security/Public Schools/The Police Department so that we can keep fighting them over there so we don’t have to fight them here.

    * Who cares what happens to the US? I’ve already made MY MONEY and I’m gonna move to Brazil/Switzerland/Antarctica where everything is sexier/more efficient/much colder anyway!

    * If Mister Smartypants Comptroller Man doesn’t like it here, why doesn’t he just get the hell out? Maybe he’d rather live in Iran — hey, just who is this guy working for anyway? Maybe he needs a little waterboarding hee hee.

    * If there are problems, they’re all Bill Clinton/Al Gore/Michael Moore’s fault. Bill Clinton got a BJ hee hee and the girl was fat hee hee.

    * Al Gore is a fat poo-poo head. And a liar.

    Okay everyone, back to the housing threads. Nothing more to see (or say) here…

    August 13, 2007 at 6:32 PM #74813
    blahblahblah
    Participant

    Allow me to pre-empt this thread by summarizing everything that will inevitably be posted in response to the original article. This way, we don’t have to waste time posting things here that aren’t going to change anyone’s mind anyway.

    * Mister Smartypants Comptroller Man is just being an alarmist like the global warming/peak oil people because he wants to sell books and be on TV.

    * Fighting terrorists is expensive! If we are running out of money then we need to get rid of Medicare/Social Security/Public Schools/The Police Department so that we can keep fighting them over there so we don’t have to fight them here.

    * Who cares what happens to the US? I’ve already made MY MONEY and I’m gonna move to Brazil/Switzerland/Antarctica where everything is sexier/more efficient/much colder anyway!

    * If Mister Smartypants Comptroller Man doesn’t like it here, why doesn’t he just get the hell out? Maybe he’d rather live in Iran — hey, just who is this guy working for anyway? Maybe he needs a little waterboarding hee hee.

    * If there are problems, they’re all Bill Clinton/Al Gore/Michael Moore’s fault. Bill Clinton got a BJ hee hee and the girl was fat hee hee.

    * Al Gore is a fat poo-poo head. And a liar.

    Okay everyone, back to the housing threads. Nothing more to see (or say) here…

    August 13, 2007 at 6:45 PM #74706
    NotCranky
    Participant

    “In an interview with the Financial Times, Mr Walker said he had mentioned some of the issues before but now wanted to “turn up the volume”. Some of them were too sensitive for others in government to “have their name associated with”.

    “I’m trying to sound an alarm and issue a wake-up call,” he said. “As comptroller general I’ve got an ability to look longer-range and take on issues that others may be hesitant, and in many cases may not be in a position, to take on.”

    Mr. Smarty pants poo poo head says:

    Everybody else in a position to address these issues is either in CYA mode or busy serving their own short term selfish interests.

    Hmmm, Maybe he is pretty smart Marge. Waddaya think?
    I don’t know Homer he does dress kinda funny.

    August 13, 2007 at 6:45 PM #74829
    NotCranky
    Participant

    “In an interview with the Financial Times, Mr Walker said he had mentioned some of the issues before but now wanted to “turn up the volume”. Some of them were too sensitive for others in government to “have their name associated with”.

    “I’m trying to sound an alarm and issue a wake-up call,” he said. “As comptroller general I’ve got an ability to look longer-range and take on issues that others may be hesitant, and in many cases may not be in a position, to take on.”

    Mr. Smarty pants poo poo head says:

    Everybody else in a position to address these issues is either in CYA mode or busy serving their own short term selfish interests.

    Hmmm, Maybe he is pretty smart Marge. Waddaya think?
    I don’t know Homer he does dress kinda funny.

    August 13, 2007 at 6:45 PM #74823
    NotCranky
    Participant

    “In an interview with the Financial Times, Mr Walker said he had mentioned some of the issues before but now wanted to “turn up the volume”. Some of them were too sensitive for others in government to “have their name associated with”.

    “I’m trying to sound an alarm and issue a wake-up call,” he said. “As comptroller general I’ve got an ability to look longer-range and take on issues that others may be hesitant, and in many cases may not be in a position, to take on.”

    Mr. Smarty pants poo poo head says:

    Everybody else in a position to address these issues is either in CYA mode or busy serving their own short term selfish interests.

    Hmmm, Maybe he is pretty smart Marge. Waddaya think?
    I don’t know Homer he does dress kinda funny.

    August 13, 2007 at 7:02 PM #74838
    bsrsharma
    Participant

    Rustico,

    That is a nice quote from Robin Williams. One thing that puzzled me about this interview is why he never mentioned British Empire and Soviet Union. Who remembers anything about Roman Empire, unless you are some academic. But British Empire ‘s fading away is so well known. I understand it is controversial for him to compare us to Soviets and draw analogies to Afghanistan etc.

    August 13, 2007 at 7:02 PM #74832
    bsrsharma
    Participant

    Rustico,

    That is a nice quote from Robin Williams. One thing that puzzled me about this interview is why he never mentioned British Empire and Soviet Union. Who remembers anything about Roman Empire, unless you are some academic. But British Empire ‘s fading away is so well known. I understand it is controversial for him to compare us to Soviets and draw analogies to Afghanistan etc.

    August 13, 2007 at 7:02 PM #74715
    bsrsharma
    Participant

    Rustico,

    That is a nice quote from Robin Williams. One thing that puzzled me about this interview is why he never mentioned British Empire and Soviet Union. Who remembers anything about Roman Empire, unless you are some academic. But British Empire ‘s fading away is so well known. I understand it is controversial for him to compare us to Soviets and draw analogies to Afghanistan etc.

    August 13, 2007 at 7:07 PM #74721
    drunkle
    Participant

    this gao comptroller guy is obviously naive if he thinks the government can do anything about anything.

    if he actually read the constitution, he’d know that it says nothing about “fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments” or about “declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government”.

    and he was appointed by clinton so he’s obviously a liberal wingnut spreading lies and fear about bush and republicans.

    and comptroller general isn’t even a real military position, his daddy probably pulled strings for him at the salvation army to award him rank.

    August 13, 2007 at 7:07 PM #74837
    drunkle
    Participant

    this gao comptroller guy is obviously naive if he thinks the government can do anything about anything.

    if he actually read the constitution, he’d know that it says nothing about “fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments” or about “declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government”.

    and he was appointed by clinton so he’s obviously a liberal wingnut spreading lies and fear about bush and republicans.

    and comptroller general isn’t even a real military position, his daddy probably pulled strings for him at the salvation army to award him rank.

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