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David Walker maps plan to address America’s fiscal mess

October 5, 2012

Red numbers flashed, tracking the increasing debt the United States is accumulating. Students watched as the burden of debt increased $10 million each minute.

David Walker, former U.S. Comptroller and CEO of the Comeback America Initiative spoke at Elon University about the growing deficit in America. The non-partisan initiative promotes fiscal responsibility and sustainability in the country.

“No challenge is greater in America today than facing and fixing our fiscal mess, and no one has dedicated more time to this issue than David Walker,” said Leo Lambert, Elon University president.

Walker visited Elon Oct. 5, the 29th day of the 45-day $10 Million a Minute bus tour, to educate the American public about where the economy has been, where the economy is now and where the country is going.

“Why should young people care about this?” Walker asked. “Guess who is going to get the bill.”

The $10 million a minute bus tour visited Elon University as part of a 45-day tour to educate the public about the nation’s economy.

Currently the U.S. deficit is more than $70 trillion and increases $100 billion each week and $10 million per minute, according to Walker.

“That’s more than 1/4 million dollars for every man, woman and child in the United States,” he said. “No wonder new born babies cry when they come into this world.”

As observed during the first presidential debate, the economy is sure to dominate this campaign season and the elected-president’s responsibilities.

Walker identified six principles and values that should guide the next president’s economic and financial decisions: pro-growth, social equitability, cultural acceptance, accordance to the “math test,” political feasibility and cultivation of bi-partisan support.

“If you don’t do this in a coordinated fashion, then the gains you make in the short term will not last,” he said.

As of 11:38 a.m. Oct. 5

The six principles are necessary to yield an effective grand bargain, according to Walker.

“We need non-partisan approaches that can get bi-partisan support,” he said.

He criticized the past politicians for failing to develop sustainable plans applicable to American values, regardless of an individual’s party affiliation or the current political context.

“The deal has to envision a size of government and a role of government that they will support, not just today, but over time,” Walker said.

David Walker, former U.S. Comptroller and CEO of the Comeback America Initiative, spoke at Elon University Oct. 5

He compared the country’s current economic situation to that following World War II. Although the current GPD rate of 75 percent matches the rate at the end of the war, it had decreased substantially by the 1970s. He attributed the improved economy in the post-World War II era to pro-growth policies.

“We’re not going to grow as fast as we did after World War II, but we need to grow a lot faster than 1.3 percent,” he said.

Despite the faltering economy, Walker cautioned Americans against comparing their country to Greece. Although Greece represents the birthplace of democracy, Walker explained the nation’s neglect of the principles that contributed to its power has caused Greece to fail.

Nevertheless, the issue needs to be addressed immediately, he said.

Walker said he intends for the Comeback America Initiative to help Americans and the elected officials understand the rapid growth of the problem and evoke an urgency to act.

“I’m in this fight for our country,” he said. “My grandchildren will bear the burden if we fail to act.”

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3 Comments leave one →
  1. andersj permalink
    October 6, 2012 3:49 pm

    I know you are super-busy, but you need to check the spelling in the headline and the story before I start grading stuff this weekend … so check this out and fix – not only headline but things like the Comeback American Initiative, which should be America and not American.

  2. andersj permalink
    October 7, 2012 5:41 pm

    I wrote a long comment on this that got destroyed by my evil broadband at home doing a “fail” on me. Bottom line: This is the best spot-news story immediately posted of this type that I have seen from reporters this fall in our course. You did a great job capturing specific details and getting it all posted. You spelled GDP as GPD and you should fix that. The photo of Walker is too dark, but you were working quickly and probably did not have time to adjust it. Ideally, when you post to YouTube, write a longer and more specific video caption – instead of just David Walker, maybe David Walker, Elon University, Oct. 5 $10 Million

    Keep up the great work, Melissa!

  3. andersj permalink
    October 7, 2012 5:43 pm

    I will add that the headline should have made a reference to the $10 Million tour and/or Elon. And – this is one people will argue about in newsrooms – technically the tour name should be hyphenated but they spelled it wrong themselves on their bus and everywhere. It should be $10-Million-a-Minute Bus Tour. Every editor would decide differently on this. Do you go for grammatically correct or for their version with errors?

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