Are Americaâ€™s politicians resigned to endless budget deficits and rising debt?
Well, Comptroller General David M. Walker isnâ€™t. As the designated gadfly of the U.S. governmentâ€™s flaky finances, heâ€™s done a bang-up job. Or, at least, thatâ€™s what my accounting friends all say.
But now he has resigned. Effective March 12, he will no longer serve as Comptroller General, or work as the head of the U.S. Government Accountability Office.
He still hopes to serve as gadfly, though.
You see, heâ€™s heading up the newly founded Peter G. Peterson Foundation, which will seek to educate citizens, businesses, and maybe even that unlikeliest class of uneducated numbskulls, our political class, as to the real dangers we face with continuous deficit spending.
Pete Peterson has been ranked by Forbes magazine as the 165th richest man in America. Now heâ€™s investing over a billion dollars in the new foundation. His first big coup is getting David Walker on board.
Walker says that the move away from government and to full-time critic of government will be for the best. He understandably felt constricted in his old role. As a member of the government, you cannot go on bad-mouthing your bosses endlessly, even if they deserve it. Especially if they deserve it.
Walker also says that he has met all the goals in office that he had set for himself. Save one: â€œCongress to address the nationâ€™s large and growing fiscal and other key sustainability challenges before a crisis hits.â€
Look for more from Walker and the Peter G. Peterson Foundation. And more about deficits, debt, and our uncontrolled Congress.
This is Common Sense. Iâ€™m Paul Jacob.