Through the Magnifying Glass: GAO Comptroller General David Walker resigns

GAO Comptroller General David Walker resigns

It is with sad news to announce that Comptroller General David Walker, our nation's top accountant and head of the GAO announced his resignation effective March 12, 2008. The agency's chief operating officer, Gene Dodaro, will serve as acting head. Walker was appointed to the position in 1998.

Quote:
"As Comptroller General of the United States and head of the GAO, there are real limitations on what I can do and say in connection with key public policy issues, especially issues that directly relate to GAO's client -- the Congress."

But don't count him out.

He will make a move into the private sector by becoming President and CEO of the new Peter G. Peterson Foundation. Mr. Peterson, one of the billionaire founds of the Blackstone private equity empire is committing $1 billion dollars to the foundation for the purpose of drawing attention to what he stated as “...These problems have reached tidal proportions and festered for more than two decades due to political irresponsibility -- now is the time to put politics aside and put the country first, and begin to solve these problems with courage and clarity. This is the moment in our history when we do what is necessary to remain a first class country.”

Max Stier, head of the Partnership for Public Service:
"In a town that is too often focused on short-term crises, David Walker stands out in his ability to focus on big-picture issues facing our nation and has been promoting real solutions to our country's toughest challenges."

The creation of this new foundation has been criticized by the American Association of Retired Persons (AARP), which fears that it could be a thinly veiled argument for the privitization of welfare.

John Rother, Director of Public Policy, AARP:
"He has a right to spend his money however he wants - there's a free marketplace of ideas. My fear is by characterizing the problem as entitlement it will focus only on the federal budget and will only shift costs onto families and individuals rather than getting costs down."

Well, of course our entitlement programs require reform. We are definitely heading towards a financial crisis down the road. The AARP will always voice opposition if there is any attempt to cut Medicare, Medicaid, and Social Security. Basically, I call it a thin argument to tax the American worker to death so they can keep their full benefits.

In any case, the steady appearance of Walker on Capitol Hill will be no more. He has long emphasized the detrimental effects of overspending and waste by agencies and departments. Though lawmakers from both sides of the aisle have praised him, Congress as a whole has shown no indication to address the major financial problems which threaten America.

During the last few years, Walker embarked on the "Fiscal Wake-Up Tour," which was organized by budget watchdog groups. He has traveled across the country using his show-and-tell powerpoint presentation to alert the American people to the federal government's fast-approaching fiscal disaster.

He even appeared on CBS 60 Minutes on March 4, 2007, and later updated in July 2007. Walker said, “You know the American people, I tell you, they are absolutely starved for two things: the truth, and leadership.”

But Congress is under denial. They know the impending financial doom, but they refuse the face it. Apparently, all they care is filling their own pockets and their special interests, then jumping ship when the sh*t hits the fan.

Walker hopes that by joining the Peterson Foundation, he can make something happen.

"My new position will provide me with the ability and resources to more aggressively address a range of current and emerging challenges facing our country."

We are no longer a creditor nation, but a debtor nation. Today, financial intermediaries hold about 37 percent of U.S. public debt; Japan and China, along with other countries, now hold about 30 percent. The proportion of U.S. debt owned directly by Americans has fallen to less than 10 percent.

Imagine trying to promote democracy if most of your debt are owned by foreigners.

We must do something people, before it's too late. Or maybe it is too late.