Sorry for the political rant, but I just watched 60 Minutes and was shocked by the US Heading for Financial Trouble? story. I knew our financial outlook was bad, but not THIS bad. CBS’s Steve Kroft spoke with David Walker, the comptroller general of the United States (top accountant), who went into detail regarding why America’s financial irresponsibility is threatening to bankrupt our country by 2040 — the largest problem being rising healthcare costs that are twice the inflation rate. With baby-boomers set to start becoming eligible for social security and medicare in 2008, the US will struggle to pay the costs. In short, US government expenses are more than revenues — and not headed in the right direction.

David Walker on 60 Minutes

Would you feel good about leaving your children with several hundred thousand dollars in credit card debt when you die? I didn’t think so — which is exactly why I think it’s such bullshit that politicians are ignoring America’s financial future by using credit to pay for our nations’s expenses today. In the interview, Walker says, “What’s going on right now is we’re spending more money than we make…we’re charging it to credit card…and expecting our grandchildren to pay for it. And that’s absolutely outrageous.” And the reason politicians aren’t taking action to correct this pending crisis? It’s Always Easier Not To. Obviously, doing nothing is easier than doing something — but that doesn’t even slightly justify doing nothing when it comes to changing America’s spending habits, which are on a pace to bankrupt our country.

We should ALL be thanking David Walker for bringing some light to this issue.

  • Andrea

    Why is it that American’s bring up these issues, but choose to ignore them? I am wondering if it is the presentation of the information. It is sicking to think there are so many people living beyond their means and do not think twice about what they are doing and what the consequence in the future will be.

    Totally side issue, but many large american corporation keep things under wraps, example i watched this documentary on energy efficent cars called the EV 1…made by saturn but others where made by Honda and Ford. Take a guess at when these were out?…done guessing 2003-4! And all were destroyed! It is a major crime! The world and espeically Americans need to start listening to the messages and do things to save our planet.

  • Andrea

    Addition to the previous comment…corporations don’t push ideas and some innovations for fear of lost money! They need to get over themselves and the green constantly in front of their face.