Is the U.S. on a road to financial ruin?
What's the biggest threat to the future of our country? If you ask the nation's top CPA, it's our government's inability to balance the books.
In a recent "60 Minutes" report, David Walker, comptroller general of the United States, says the country is "spending more money than we make … and expecting our grandchildren to pay for it. And that’s absolutely outrageous."
The problem, says Walker, head of the Government Accountability Office, starts with "massive entitlement programs we can no longer afford" and is exacerbated by the looming retirements of millions of Baby Boomers.
If nothing changes by 2040, Walker told CBS's Steve Kroft, "the federal government's not going to be able to do much more than pay interest on the mounting debt and some entitlement benefits. It won't have money left for anything else – national defense, homeland security, education, you name it."
How did we get into this mess? More important, how do we get out of it? Or do you think Walker is overreacting? Read the article and let us know what you think.