Magazine article Public Finance

US Economic Attitudes Unsustainable, Says Former Finance Head

Magazine article Public Finance

US Economic Attitudes Unsustainable, Says Former Finance Head

Article excerpt

An overhaul of attitudes to fiscal responsibility is needed if the US is to remain the world's pre-eminent economy, former US comptroller general David Walker has warned.

Walker, who led the Government Accountability Office from 1998 to 2008, said US national debt was currently 75% of gross domestic product, but would rise to 85% by the end of the year, before exploding'.

More than 70% of all new debt was being financed from abroad, mainly Asia, causing problems for 'national security, foreign policy, and domestic tranquillity', he said.

Our government does not have a strategic planning network stating what we want to do and to assess progress against that,' Walker added.

'We are going to have to re-engineer our social insurance and tax programme, because we are on an imprudent and unsustainable path. …

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