David Walker, the former U.S. Comptroller General and head of the Government Accountability Office, has a dire warning for America if the politicians fail to address the debt problem as reported by Heesun Wee for tech ticker:
David Walker says America's growing long-term debt is dangerously close to passing a "tipping point" that could trigger soaring interest rates and a plummeting dollar. In a worst case scenario, that could trigger a "global depression," he says, warning: "Nobody's going to bail out America." With the U.S. facing $50 trillion in unfunded liabilities and around $62 trillion in total long-term debt, what worries Walker most is what happens after the recession dissipates . . . . "I'm less concerned with the short-term deficits than I am the fact that we're not doing anything about those structural deficits that people used to call long-term," says Walker, former U.S. Comptroller General and head of the Government Accountability Office. "But the long-term is here."
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