Ex-Comptroller: $40 Trillion Debt Will Crush America

Former United States Comptroller General David Walker is warning that America’s nearly $40 trillion national debt could trigger a global depression if leaders fail to act. In an interview last week on Just the News, No Noise, Walker called for a constitutional amendment to limit federal debt as a percentage of the economy:

One of the things that we clearly have to have is we need a constitutional amendment, because only a constitutional amendment can bind the Congress to return to fiscal sanity and sustainability.

Walker, who served as comptroller general from 1998 to 2008, said Bill Clinton was America’s last fiscally responsible president. He noted that federal spending spiraled out of control after 2003.

America’s debt-to-gdp ratio now stands at 123 percent, and 19 percent of all federal tax revenue goes just to pay interest on the debt.

• Because the debt is growing two to three times faster than the economy, these numbers will get much worse unless the country changes course.

Walker outlined three concrete actions he believes President Donald Trump should take:

• Publicly endorse a constitutional amendment to limit debt as a percentage of the economy.
• Make clear he has no objection to states suing Congress for failing to control spending.
• Support the Fiscal Commission Act to create a bipartisan commission on fiscal reform.

Psalm 37:21 says, “The wicked borroweth, and payeth not again,” so allowing the debt to grow faster than the economy indefinitely is sinful. America needs a system where federal debt as a percentage of the economy is limited and politicians have concrete plans to pay back their loans. If the nation does not adopt such a system, the debt-to-gdp ratio will keep increasing until the nation declares bankruptcy.