Former U.S. Comptroller General David Walker attempted to shock nearly 500 people at the University of Denver Friday night when he presented an aspect he says has been missing from the 2012 presidential election campaign — numbers and math.
The “Restoring Fiscal Policy” event — part of DU’s debate series — focused on the nation’s fiscal crisis, filtered through an ethics discussion.
The national debt is often said to be around $16 trillion. But, Walker said that the well-publicized “national debt clock” underestimates the true magnitude of the pending crisis, which he says actually amounts to $70.6 trillion.
“We are trying to make sure that the presidential debates are more substantive in order to help Americans make an informed choice and to ensure that the winner will have a mandate to act,” Walker said.
This event was one stop on a 17-state “$10 Million a Minute Tour” by his nonpartisan advocacy group, the Comeback America Initiative. The group uses a Federal Financial Burden Barometer to illustrate the rapid pace of debt growth.
Walker, a political independent, and Christina Romer, who served as White House Chair of Economic Advisers under President Barack Obama from 2009-2010, addressed issues of unfunded obligations such as deficit spending, Social Security, Medicare and the national debt.
Walker passionately argued that the current situation is the fault of both Republicans and Democrats, and the refusal of Congress and the White House — in both the current and previous administrations — to compromise.
“The ‘Grand Fiscal Bargain’ is going to have to involve compromise,” Walker said. “And they involve doing things that each political party has taken off the table. And our problem is so great, everything has to be on the table.”
Walker presented eight topics — budgeting, Social Security, health care, defense, taxes, Medicare and Medicaid, political and “other.” He insisted all eight must be judged on six criteria — whether they are pro-growth, socially equitable, culturally acceptable, mathematically accurate, politically feasible and whether it can gain bipartisan support.
“The financial condition of the U.S. is much worse than advertised. And we could face a debt crisis in the next couple of years if we don’t start making tough choices,” Walker said.
Romer and Walker agreed that the solution must involve both additional streams of revenue and spending cuts. After that point, the two speakers diverged.
Romer advocated for “compassionate deficit reduction.”
“2013 has to be the year we finally take on the federal deficit crisis,” Romer said. “But my plea is that we do these difficult things in a way that minimizes the pain.”
Romer and Walker both criticized — in their own way — both Obama and Gov. Mitt Romney.
Romer said that she wishes Obama would be bolder on both spending cuts and revenue increases, but is concerned Romney’s plan will be too harsh for the U.S. economy and its citizens to weather.
“Neither the Romney plan, nor the Obama plan meet all of the six criteria,” Walker said.
Walker said the math on the Romney-Ryan plan is better on paper, but he reminded the crowd that math is only one of the criteria.
Ultimately, he said, neither candidate is presenting a credible solution.
“It’s growing rapidly by doing nothing, which Congress has become very adept at doing,” Walker said. “I think the key point is, based on my experience going to 49 states, the American people are ahead of the politicians. They can accept the truth.”
Kristen Leigh Painter: 303-954-1638, kpainter@denverpost.com or
