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David Walker on Budget & Economy
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2007: deficit spending saddles millennials with debts
Many people in the room know Walker was comptroller general of the U.S. between 1998 and 2008.
They've seen the 2007 segment on CBS's "60 Minutes," where he warned that the nation's deficit-spending would saddle millennials with crippling debts to pay the retirement entitlements of Baby Boomers.
They understand that Walker, a CPA with executive experience in the private sector, had 3,000 employees and a half-billion-dollar budget at the Government Accountability Office, under congressional control.
They remember the Wall Street Journal at the time called him a "Chicken Little" who called for higher taxes and a reduction in benefits.
Source: CT Post on 2018 Connecticut gubernatorial race
, May 5, 2018
Revise and respect the Constitutional spending cap
Connecticut's budget is not balanced based on honest accounting and a reasonable definition of expenditures. Spending needs to be restructured and brought under control. We need to revise and respect the Constitutional spending cap, balance the
state budget, and prohibit the use of debt to fund normal government operations. In addition, given Connecticut's poor financial condition, the Governor should make expanded use of his/her line item veto authority. Importantly, restoring economic
vitality in Connecticut is an essential element to achieving fiscal sustainability.Financial Condition: Connecticut has the highest liabilities and unfunded promises per taxpayer of any state. It's time to recognize reality--Connecticut's state
government has grown too big, promised too much, and needs to be restructured. Connecticut must develop a comprehensive strategy to appropriately restructure the related programs and gain better control of its commitments.
Source: 2014 CT Lt. Gubernatorial campaign website, WalkerForCT.com
, Jul 2, 2014
Annual limit on most major categories of spending & revenues
Q: How would you cut spending?A: Place an annual limit on all major categories of spending other than interest (because we can't) and Social Security (because we can reform the program and make it solvent, secure, affordable and sustainable).
Limit how much federal revenues as a percentage of the economy the federal government can take absent a formal declaration of war by the Congress.
Source: Email interview on presidential race with OnTheIssues.org
, Apr 3, 2012
3 parts spending cuts to 1 part tax increase via reforms
Q: When you think about the US budget deficit, which of the following solutions is closest to your opinion?- A. Cutting existing programs
- B. More spending cuts than tax increases (mix of both solutions)
- C.
More tax increases than spending cuts (mix of both solutions)
- D. Raising Taxes
A: Choice B. I believe that the ratio needs to be about three parts spending cuts to one part taxes, excluding interest, as part of comprehensive tax reform.
Source: AmericansElect phone questionnaire by OnTheIssues.org
, Mar 30, 2012
Comprehensive tax reforms, capping tax at 20.5% of GDP
Q: Would you raise taxes?A: While we need to have more revenue, we can solve the problems at a lower level of revenue as a percentage of the economy from where we are headed under current law. We should cap the total revenues that the federal
government can take, and place a limit on all major categories of federal spending other than Social Security and interest (because we can't).
Q: At what percentage of the economy should revenue be capped?
A: It could be 20.5% of GDP.
Source: AmericansElect phone questionnaire by OnTheIssues.org
, Mar 30, 2012
Page last updated: Sep 22, 2018