Showing posts with label GAO. Show all posts
Showing posts with label GAO. Show all posts

May 19, 2012

Those In The Know, Sending Some Pretty Clear Warnings

There have been a number of leaders who have stepped up to tell people the real risks we are facing as a nation. 

They are not playing politics--they have left the arena. 

And as we know, it is much easier to be rosy and optimistic--let's face it, this is what people want to hear. 

But these leaders--national heros--sacrifice themselves to provide us an unpopular message, at their own reputational risk. 

That message is that poor leadership and decision-making in the past is threatening our present and future. 

Earlier this week (15 May 2011), I blogged about a documentary called I.O.U.S.A. with David Walker, the former Comptroller General of the United States for 10 years!

Walker was the head of the Government Accountability Office (GAO)--the investigative arm of Congress itself, and has testified before them and toured the country warning of the dire fiscal situation confronting us from our proclivity to spend future generation's money today--the spiraling national deficit.

Today, I read again in Fortune (21 May 2012) an interview with another national hero, former Admiral Mike Mullen, who was chairmen of the Joint Chiefs (2007-2011).

Mullen warns bluntly of a number of "existential threats" to the United States--nukes (which he feels is more or less "under control"), cyber security, and the state of our national debt. 

Similarly, General Keith Alexander, the Director of the National Security Agency (NSA) and the head of the Pentagon's Cyber Command has warned that DoD networks are not currently defensible and that attackers could disable our networks and critical infrastructure underpinning our national security and economic stability.

To me, these are well-respected individuals who are sending some pretty clear warning signals about cyber security and our national deficit, not to cause panic, but to inspire substantial change in our national character and strategic priorities.

In I.O.U.S.A., after one talk by Walker on his national tour, the video shows that the media does not even cover the event.

We are comfortable for now and the messages coming down risk shaking us from that comfort zone--are we ready to hear what they are saying?

(Source Photo: here with attribution to Vagawi)


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May 15, 2012

Getting Off The Debtor Highway


I.O.U.S.A. (2008) is the best explanation of our nation's financial problems and the deep severity of these that I have ever seen.

This video is a 1/2 hour condensed version of the full almost 1 1 /2 hour award-winning documentary.

David Walker, the former Comptroller General of the U.S. (1998-2008) is the star of this movie.

The documentary, with Walker's steadfast warnings, describes the 4 ominous deficits that are driving this country to Financial Armageddon:

1) Budget Deficit

2) Savings Deficit

3) Trade Deficit

4) Leadership Deficit

What is incredible is how rather than listening to Walker's exhortation, when the National Deficit was $8.7 trillion in 2007, just 5 years later now, there is a deficit going on nearly double that of $15.7 trillion.

We are facing a financial ticking time bomb that could result in huge inflation, economic stagnation, and the undoing of our economic and national security.

Moreover, towards the end of this year, we are facing the economic one-two punch of rising taxes and reduced national spending that could easily send our economy spiraling into recession or even depression.

Add to that rising interest rates, a financial crisis in the  European Union, a continued housing crisis and high unemployment at home, and a true economic reckoning is at hand.

Watch I.O.U.S.A. and become proponents for financial discipline for ourselves and for the country.

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