David Walker, comptroller general of the US, issued a report that the US government is on a ‘burning platform’ of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action is not taken soon.
Mr Walker noted “striking similarities” between the current situation of the United States and the factors that brought down Rome:
Declining moral values
Political civility at home
An over-confident and over-extended military in foreign lands
Fiscal irresponsibility by the central government
Political civility at home
An over-confident and over-extended military in foreign lands
Fiscal irresponsibility by the central government
Walker warned of symptoms of dramatic tax rises, slashed government services and the large-scale dumping by foreign government holdings of US debt.
More info:
gao.gov
Fiscal Wakeup Tour