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David Walker says, “America owes more than Americans are worth, and the gap is growing.”
“If you look forward under a ‘do nothing status quo path,’ the level of debt to the size of the economy is set to explode. The problem is not the past, the problem is not the present, the problem is the future. We cannot allow this to happen because it threatens our economy, our standing in the world and frankly our future standard of living.
In the past, American, when it had debt, to be able to pay for wars and deal with other needs, owed it to itself or to Americans. Such was the case at the end of World War II where we had debt equal to 122% of the economy, but we owed it all to Americans and so therefore it stayed in our economy and benefitted us for the future.”
