GAO Chief on 60 Minutes

[OkieTexan]

Did anyone see the Comptroller General on 60 Minutes, Sunday March 4?
David Walker is pushing an initiative straight to the public:

http://www.gao.gov/special.pubs/long...akeuptour.html

I didn't realize that the GAO chief serves a 15 yr. term! He has been there since 1998. Any comments?

[Cut-Throat]

I watched it. And he did say that Medicare was the biggest budget problem by far.

When I watched the current administration last year trying to fix eliminate S.S. under the guise that it was the nations largest budget problem, I was amazed that the press did not call Bush on this.

[crazy connie]

I only caught part of it but thought it is about time the truth comes out! Thanks for the link. He is coming to Phoenix and I hope to go see it with my kids.

[FinanceDude]

Quote:

Originally Posted by Cut-Throat When I watched the current administration last year trying to fix eliminate S.S. under the guise that it was the nations largest budget problem, I was amazed that the press did not call Bush on this.

I must have missed that..........Bush was going to eliminate Social Security? Where have I been??

[Cut-Throat]

Quote:

Originally Posted by FinanceDude I must have missed that..........Bush was going to eliminate Social Security? Where have I been??

You weren't paying attention!

[FinanceDude]

Quote:

Originally Posted by Cut-Throat You weren't paying attention!

So...........privitization is the "end" of Social Security? If that's the case, just let me invest into the TSP............I want the SAME retirement plan as my Senator..........

[Empty Pockets]

I'll bet your Senator has something that looks and acts like an annuity

[FinanceDude]

Quote:

Originally Posted by Empty Pockets I'll bet your Senator has something that looks and acts like an annuity

Yeah, but the return appears to be more than SS.............

[Sarah in SC]

He's going to be here in Charleston, SC tomorrow night--we're going!
Thanks for posting the link!

Sarah

[MasterBlaster]

For anybody who has been paying attention this shouldn't really be news.

However I applaud anyone who has the courage to speak about it "as it is". Currently both of our political parties are ignoring the issue for their own reasons.

Changes are a coming, one way or another. It is inevitable. I just can't stand to hear all the talk and spin about this issue.

[Sandy]

I missed 60 minutes, but I have had the opportunity to hear David Walker speak. He tells it straight as he sees it and always brings data to back his claims up.

The reason he gets a long appointment is to ensure that the government watchdog is not pressured to change opinions and findings by trying to keep his job. This also brings some continuity over several election cycles. Our office director (state equivalent of the GAO) also has a long tenure (not 15 years).

[Sarah in SC]

His interview is the 60 Minutes podcast, downloadable at iTunes, I haven't listened to it yet, but I've seen one of his video presentations at the gao.gov website. My boss is a freak about him, our whole office will be trooping down there to hear him in person!
Sarah

[MasterBlaster]

Here's the problem:

Both the Democrats and the Rebublicans do not want to address this issue. A soulution will cause real pain to every one involved. The democrtas don't want to address it as it will "crowd" out other discretionary spending. The Republicans don't want to address it either as it will certainly involve higher taxes.

So by default, we have the "head-in-the-ground" solution that we now have.

This issue will not be resolved, in my opinion, until a crisis occurs. That crisis may be a severe de-valuation of the dollar. Or it may be when our overseas trading partners no longer agree to loan us any more money.

The problem will get solved one way or another by us or by eternal forces, but we just may hate the side-effects of the solution and how it will affect us.

[Texas Proud]

Quote:

Originally Posted by FinanceDude So...........privitization is the "end" of Social Security? If that's the case, just let me invest into the TSP............I want the SAME retirement plan as my Senator..........

Your Senator has a much better retirement plan than being able to invest in TSP.... if he serves only ONE term he gets a pension... and a good one at that..

[Texas Proud]

One of the comments was the prescription drug bill... I thought it was one of the worst pieces of legislation in decades.... I think he said it would take $8 trillion dollars TODAY to fund it for the next 75 (?) years.... Yes, boys and girls, we are not talking BILLIONS anymore... that is SO 20th century... we now have to talk TRILLIONS...

[OkieTexan]

Quote:

Originally Posted by mclesters His interview is the 60 Minutes podcast, downloadable at iTunes,

The interview is still on the CBS web site, too, in transcript form or video.

[Khan]

Quote:

Originally Posted by Texas Proud Your Senator has a much better retirement plan than being able to invest in TSP.... if he serves only ONE term he gets a pension... and a good one at that..

Urban Legend

http://www.snopes.com/politics/taxes/pensions.asp

http://usgovinfo.about.com/library/weekly/aa031200a.htm

[Texas Proud]

Quote:

Originally Posted by Khan Urban Legend http://www.snopes.com/politics/taxes/pensions.asp http://usgovinfo.about.com/library/weekly/aa031200a.htm

Khan... read what I wrote... I was not wrong... I did not say he was not in SS or the other items... and I did say he qualified with only one term which he does... now, I did not know it was exactly the same as other federal employees...

"Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation."