The graph below is is one of the first in his discussion of trends in federal spending.
Click on the slide to view the entire brief. Shows the growth of mandatory spending compared to discretionary spending such as defense
In this slide Walker makes the point that the U.S. spending is already exceeding revenue, and if no action is taken by 2040, we will not have enough revenue to cover some of our mandatory obligations (like Medicare & Medicade) and discretionary spending such as National Defense and Diplomacy . Sad to say, if our economy gets to the 2040 scenario, the average American will have more to worry about than medical coverage and national defense.
As you go through the brief, keep in mind
- We are paying compounded interest on our growing debt
- We are a rich nation today because nations around the world believe that we are a good economic risk, and spend lots of money in the U.S.
- The U.S. economy would be in grave danger if the markets were to flee the U.S. dollar because we were no longer a safe investment
Mr Walker presented a compelling argument for fiscal reform and restraint, I encourage everyone to check out his briefings posted on the GAO site and watch as he transitions into the private sector.