Top federal official sees fiscal disaster ahead.
David M. Walker David M. Walker can refer to: - David M. Walker (astronaut)
- David M. Walker (U.S. Comptroller General)
, head of the Government Accountability Office The Government Accountability Office (GAO) is the audit, evaluation, and investigative arm of the United States Congress, and thus an agency in the Legislative Branch of the United States Government. , is paid to take the long view, and he sees economic disaster ahead. He has been touring the country warning about the federal budget deficit, which now exceeds $8.5 trillion. At its current rate of growth, the federal budget deficit could top $46 trillion (adjusted for inflation) by the time baby boomers See generation X. start retiring. That's the catalyst that will ignite the debt bomb, he says. Boomers start collecting Social Security in 2008 and Medicare in 2011. According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Walker, paying off the existing deficit would require doubling personal and corporate income taxes or sharply cutting Social Security and Medicare benefits. (Daily News Digest)
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