Vodcast: GAO’s Walker on Long-Term Budget Mess

By December 6, 2007America's Business

This week’s video highlights of “America’s Business with Mike Hambrick” steps back from press of daily policy imperatives to examine the long-term fiscal threats posed by Social Security and Medicare. GAO Comptroller General David Walker has been on what he calls a “Fiscal Wake-Up Tour,” trying to get the public to pay attention to demography’s coming clash with dollars. Some hard facts:

“The nation is in a $53 trillion hole, of which another $6.4 trillion relates to Social Security and about $32 trillion relates to Medicare. Every year that we wait to start addressing our problem that $53 trillion number will go up two to three trillion.”

We conclude this week’s vodcast with a commentary from National Association of Manufacturers President John Engler explaining what passage of the U.S.-Peru Free Trade Agreement means for U.S. exporters — and jobs.

To watch the vodcast, please click the embedded video or here. For this week’s full radio program, please check back Friday to www.Shopfloor.org or www.AmericasBusiness.com. And please visit the NAM’s video page at YouTube, labeled so you can remember it: www.YouTube/namvideo.

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