"Sudden And Very Painfull" Economic Collapse Is Coming
Say's Former head of the Government Accountability Office and Comptroller General of the United States
The US is now nearing the same 100% margin with GDP growth floundering below 1%. “We should recognize that this could be a leading indicator for us,” Walker said, adding that something must be done now to significantly restructure government spending if a major collapse is to be avoided in the future. Walker, who has long spoken out against wasteful federal spending, urged that the nation should “deal with the disease, instead of the symptoms,” adding that increasing the debt ceiling as well as federal budget deficits will inevitably lead to the same situation in the US as has been witnessed in Greece.
“Here’s the bottom line. If you take the total liabilities of the United States – public debt, unfunded pensions, retiree health care, under funding with regard to social security, with regard to medicare, a range of commitments and contingencies – as of September 30 2010 we would have had to have had $61.6 trillion dollars in the bank in order to be able to defease those obligations.” Walker explained.
Europe on Brink of 'Major Financial Collapse
Europe is a "train wreck" and on the "brink of a major financial crisis," Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, told CNBC Tuesday.
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