-Caveat Lector-
Begin forwarded message:
From: [EMAIL PROTECTED]
Date: August 14, 2007 7:36:36 PM PDT
To: [EMAIL PROTECTED]
Cc: [EMAIL PROTECTED], [EMAIL PROTECTED], [EMAIL PROTECTED]
Subject: Head of GAO Compares America's Present Financial State to
"Fall of Rome"
Learn from the fall of Rome, US warned
By Jeremy Grant in Washington
August 14 2007 00:06
http://www.ft.com/cms/s/80fa0a2c-49ef-11dc-9ffe-0000779fd2ac.html
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
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