RSSDavid M. Walker on the Nation’s Budget Crisis
David M. Walker, former Comptroller General of the United States, speaks on the Nation’s Budget Crisis.
One Response to “David M. Walker on the Nation’s Budget Crisis”
Leave a Reply
You must be logged in to post a comment.
July 6th, 2008 at 5:09 pm
Only the half of it. What about all the unfunded promises in private pensions that PBGC must pick up and all those state obligations?
Debts piled up by New Jersey alone between the state retirement system, unfunded health care obligations for state employees and retirees, and bonded debt run between $120 billion and $200 billion depending upon who’s running the numbers. Add to that municipal, county, and local authority debt, which is almost impossible to track, and you’re in the quarter-trillion ballpark for just one state.
And what is local government doing about it? They’re distracting themselves. In Union County, NJ come September there will be a two-day musicfest/campaign-kickoff at a local softball field. Freeholders will be dancing away as taxpayers get burned. Some drunken sailors have no shame.