Washington’s Fiscal Mess Is Irresponsible, Unethical, Immoral: Former US Comptroller General

Published on April 26, 2024

In 2007, the U.S. national debt was below $10 trillion, and the budget deficit was about $160 billion. Federal spending was about $3 trillion, and interest payments were approximately $400 billion. Then the numbers spiraled out of control. Washington’s fiscal situation has drastically changed since then; total debt has surpassed $34 trillion, the annual budget shortfall exceeds $1 trillion, and interest costs have topped $1 trillion. David Walker, the former comptroller general of the United States and a Main Street Economics advisory board member, is unsurprised. Seventeen years ago, Mr. Walker rang fiscal alarm bells. Like Ross Perot before him, he took his case to the American people and delivered the cold, hard truth: The government’s books are unsustainable, and interest charges on the mounting debt will swallow a significant portion of federal revenues....

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