Debt Draws Attention

Walker's presentation is on the General Accountability Office's Web site. You should see the data for yourself because a picture is worth a thousand bullet points.

These are "MEGO" numbers -- My Eyes Glaze Over. And that's why our huge and growing financial disaster doesn't stand much chance of gaining attention, especially in a world dominated by reality television shows and news headlines about perverts. When more people take the time to vote for dancing partners or dubious singing talent than vote for the president or their own congressional representatives, then we have only ourselves to blame.

Or we could say that we are setting ourselves up for the blame that our children will heap on us for being the first generation to leave this country worse off than we found it.

Walker says time is working against us, so we have to act now. Because we're in a period of economic growth with relatively low interest rates, it's the perfect time to get our financial house in order. (That's the same advice I've been giving to consumers!)

The real problem is the exponential increase of the deficit 20 years down the line, when boomer retirees will be dependent on promised payments from government. This will implode the system.

Spending Solutions

Tough choices must be made, according to Walker.

Among his first targets is the out-of-control growth in health care spending. He calls on the country to debate the issue of what type of "basic and essential health care" the government should provide citizens vs. what people should pay for themselves.

He challenges Congress to assert greater control over the budgetary process, and urges the authorization of a line-item "rescission" that would allow the president to cut individual items from the budget. A 50% vote of Congress would be required to restore any cuts, leading to more transparency in spending. Overall, he says, the challenge is to re-engineer and transform our government into a 21st-century operation.

If we don't immediately start dealing with our financial problems, says the comptroller, we risk the fate of the Roman empire, once the most powerful on the face of the globe. Perhaps someone should have shouted out that the emperor wasn't wearing any clothes! And that's The Savage Truth.