Wednesday
Oct082008
U.S. headed off economic cliff
Wednesday, October 8, 2008 at 4:37PM
Former U.S. Comptroller General under Presidents Bill Clinton and George W. Bush David M. Walker said the U.S. needs to "get our financial house in order."
Talking about the bailout package, Walker said the government gave the Treasury Department $700 billion not for what they knew, but "for what they didn't know." Walker added that American citizens were not initially okay with the bailout package because it "overreached and under-communicated." He said the American people were not given reason as to why this was being done.
Reacting to the presidential candidates' economic proposals, Walker said both candidates would make the national debt worse. He said both would do "zip" in digging the U.S. out of its current fiscal hole.
Walker said it is possible that the subprime loan crisis could spread to the government. He warned that if it did, "No one's going to bail out America." To avoid this possibility, he recommended the next president create a "credible, capable, bipartisan fiscal commission."
Talking about the bailout package, Walker said the government gave the Treasury Department $700 billion not for what they knew, but "for what they didn't know." Walker added that American citizens were not initially okay with the bailout package because it "overreached and under-communicated." He said the American people were not given reason as to why this was being done.
Reacting to the presidential candidates' economic proposals, Walker said both candidates would make the national debt worse. He said both would do "zip" in digging the U.S. out of its current fiscal hole.
Walker said it is possible that the subprime loan crisis could spread to the government. He warned that if it did, "No one's going to bail out America." To avoid this possibility, he recommended the next president create a "credible, capable, bipartisan fiscal commission."
Economic Crisis-Tip of the Iceberg?
“I came to the conclusion that unless we did something about this problem in terms of tax reform and entitlement reform that my children and grandchildren would not have the same opportunity for the quality of life and standard of living that I’ve had. That we owed it to them... to be responsible and deal with this project.” said Senator George Voinovich (R-Ohio)
Today at a press conference held by Senators Kent Conrad (D-N.D.), George Voinovich (R-Ohio), Congressmen Jim Cooper (D-Tenn.), Frank R. Wolf (R-Va.), and David Walker, CEO of the Peter G. Peterson Foundation addressed policy ideas including a bipartisan, action-oriented commission or task force that would pertain to America’s structural deficit and rising debt levels. Walker also announced the Foundation’s plans for a $1 million-plus DC-focused media advertising campaign aimed at raising awareness of America’s financial crisis.
“Americans are reading the papers today see a lot of bad news, a lot of bad economic news and they don’t know what to make of it. They don’t know if we have a bad cold or maybe an Phneomnia or if it’s worse than that’s may be a kind of economic cancer... I’ve had cancer and that's a bad day when you get that diagnosis... but you would like to get that diagnosis early so you can do something about it instead of getting that dreaded diagnosis late. We are here today to try to cure this problem for America.” said Cooper.