A Descending Debt Debacle?
Former U.S. Comptroller General David Walker told an AICPA council that debt is out of control and that CPAs need to communicate the seriousness of this debt to their representatives and senators. Walker says that Congress probably is more aware of debt problems than a few years ago, but that such knowledge will not necessarily translate into action. He suggested that rates for very high earners probably were too low but at the same time said that a larger proportion of Americans should pay at least some taxes. Two other specific concerns: the quantity of tax exclusions in the IRC and the fiscal integrity of the Social Security system.
I heard Mr. Walker at a national IMA convention about three years ago and he is a very credible and persuasive speaker. Certainly a nearly $15 trillion debt is intimidating--but can Congress find political will to act in an election year?