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Former U.S. Comptroller General David Walker on the role deficit reduction will play in the 2012 presidential election.
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-- tonight's money carry out some revealing information out of the New Hampshire both 60% of voters said the economy was a top issue no surprise but look at -- Point 5% said the federal budget deficit is what matters most of them in this election that is.
Music to -- years of our next guess been talking about this for a long -- former US comptroller general.
David Walker this is good news for you -- -- It is good news and in fact if you look at Iowa was even a higher percentage the bottom line is there's an interconnectivity between concerns about the economy.
Escalating deficits and debt.
You know we need to deal with both -- we can take steps to try to improve economic growth in the short term get unemployment down but if we don't deal with -- Growing deficits and are escalating debt burdens that gain in the short term is gonna is gonna not.
Might not be sustained you know what I think much -- problems why I think we -- credit -- for all of this is the Republicans that stood their ground in the deficit talks the ones who were supposedly clogging up the works by not passing any thing.
Didn't the mainstream media likes to say that that's that's why Americans -- congress so much because it can't get anything done.
But they focused attention.
On the deficit and the damage of the deficit can do long term didn't it.
While they dead but I think one of the things we have to recognize we've got to break out of the stalemate.
The fact of the matter is we haven't made any meaningful progress with regard our structural deficits.
The fact is we could very much have a US debt crises.
Within the next two for the business as usual -- you keep raising the debt ceiling -- just going along as if nothing is gonna happen as a result has to stop as well absolutely but you know David if you look at 2012 it's the twenty year anniversary of Ross Perot first -- he ran on for things other than NAFTA.
Fiscally responsibility.
A decline political dysfunction -- declining trust in government.
And declining confidence in the future and we're much worse off on all four much -- and so therefore there is a need.
For us to be able re engage the public in 2012 and to make sure that the next president and -- states whomever that might be -- Barack Obama gets.
And reelected or Republican or somebody else gets elected they have to make a top priority this is the future of the country this is the future far families.
You know where I think we should start to -- -- money we heard Newt Gingrich talking about that that the debate on Sunday that we could save.
Now fifty to hundred billion dollars in Medicare and Social Security alone Medicare Medicaid if we just cut out a lot of ways the GAO had just left Jack Lewis is going to be White House chief of staff had to be perfect -- for you.
For all and -- well quite frank oh yeah -- mayor I mean I'm might be willing to do some additional public service down the road but I I'm not interest in the open OMB job right now.
Why's that because of their current occupant of the White House are well in part because this is an election year you're not gonna make significant progress on the structural deficits this year I would rather wait and make sure that the president is rolling going to be serious about these issues in and start a new -- is gonna do something like that -- wanna do it.
Afterward -- -- you know that's very casino have you seen any seriousness on the part of the president -- regard to tackling this problem.
-- -- he has given some speeches saying that easily attract and any action as he has noted that he's -- but social charts on the table but his biggest problem is.
He appointed Simpson Bowles and he did nothing -- it.
And by the time he engaged with -- it was too late he lost credibility he had lost political capital and so as result rightly or wrongly.
No meaningful progress is gonna get made until after the election so that's why I'm saying this year.
We must re engage the public with a -- truth and tough choices we must make sure that the next president whomever that is makes this a priority.
-- we did at 92.
We need to do it again.
Now you you you're gonna hear more about this coming up but we're talking about Ron Paul quite a bit and whether or not he's going to be able use his political power.
That he is gained over the past couple of primaries when -- by 21 are getting second place winning second place they say by 20%.
Pretty powerful can he use that to focus the attention of the GOP platform on this issue.
I think there's no question that Ron Paul has the right to have -- and you know obviously the platform something's gonna have to be developed in the -- you think it'll happen though because sometimes platforms are developed and and people forget about the fact of the matter is you know platforms or more of a political document they may or may not be followed.
The real question is is that.
Are they gonna be followed not -- what they say and that is is he gonna have a role with regard the convention will will will latency but but he's got a lot of supporters and he's tapped and a lot of discontent.
And and whoever the Republican nominee is better pay attention that it's real.
OMB -- fast correct that's correct not at this time and then one last thing David.
Fiscal IQ dot net I want you to take and I want to viewers to take it.
It takes five to ten minutes it's thirty questions true false agree of disagree find out what you know what you don't know make sure -- part of the solution.
By the part of -- good salesman -- and I never knew you could do that as well as everything else Nicosia while Ron Paul.
