FORMER U.S. COMPTROLLER WORRIES ABOUT GREECE-LIKE DEBT CRISIS IN AMERICA
OCTOBER 2, 2012
As we’ve stated repeatedly, the US is Greece X 100.
A former top federal monetary executive says the U.S. could be headed toward a Greece-like debt crisis and financial meltdown, and blames both political parties for the mess.
Former U.S. comptroller general and Government Accountability Office chief Dave Walker was in Phoenix this week as part of a national tour to talk about the federal deficit and debt, and its potential impacts on taxpayers and the economy.
The federal debt has topped $16 trillion, according to the U.S. Treasury Department.
Walker says that financial path is untenable for the government and economy, and says that puts the U.S. on the same path with countries such as Greece, which has suffered financial meltdowns. He notes the collective U.S. debt from George Washington through Bill Clinton’s terms in the White House as $6 trillion. Now, under the past two presidents it is now at the $16 trillion mark.