David Walker has been one of the people who has been warning about the US debt.Former head of the Government Accountability Office and Comptroller General of the United States, David Walker has issued a stark warning following the compromise deal to raise the debt ceiling.
“We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP,” Walker highlighted in an interview with CNBC earlier today.
Greece’s ratio of debt to GDP has surpassed 100% and is heading towards 150%, a factor that has meant without bailouts from the EU and the IMF, the country would have defaulted.
The US is now nearing the same 100% margin with GDP growth floundering below 1%....
This posting is for my friend Russ, who is beginning to see the light.
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