Head of GAO: Changes in spending needed or economy could be paralyzed

[Omaha Steve]

http://www.laborradio.org/node/4534

Head of GAO: Changes in spending needed or economy could be paralyzed

The head of the Government Accountability Office warned in late September that if federal budgeting practices don’t change the country could be economically paralyzed in the next few decades. Speaking as part of the Fiscal Wake-Up Tour, Comptroller General David M Walker warned that every year something isn’t done to change the direction in spending - the national debt grows by nearly $2 and $3 trillion dollars a year. The primary reason Walker suggests is Medicaid and Medicare growing increasingly more expensive as the cost of healthcare outpaces inflation. The Congressional Budget Office projects that Medicare - which costs four times as much as it did in 1970 - will become a quarter of the budget by 2030.

[Stargazer99]

1. So the word is social security, medicare and medicade

are the problem...but that expensive war has noting to do with our huge borrowing? Sounds like conseravtive spin to me. My auntie told me during the 50s do not vote Republican they just start a war and cause a depression. Sixty plus years later guess what! Iraq and now this! High income individuals ought to be paying for this war, after all they benefit also by this system and I'll bet most of their children are not on the front lines.

[maddezmom]

2. duplicate topic

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2584719