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Saving Our Future Requires Tough Choices Today

Recorded on February 10, 2005

Location: The Heritage Foundation's Lehrman Auditorium

Spending as a share of Gross Domestic Product (GDP) will double from roughly 20 per cent to over 40 per cent in less than 40 years, driven largely by health and Social Security entitlements and interest payments. Meanwhile, if all expiring tax cuts are extended, federal revenues as a share of GDP will remain below 20 per cent. As a result, tough choices must be made soon in order to address this long-term fiscal gap that threatens our country's and our children's future. There is no easy option.

David M. Walker became the seventh Comptroller General of the United States and began his 15-year term on November 9, 1998. Between 1989 and 1998, he worked at Arthur Andersen LLP, where he was a partner and global managing director of the human capital services practice. During this time, he also served as a Public Trustee for Social Security and Medicare from 1990 to 1995. From 1987 to 1989, Mr. Walker was Assistant Secretary of Labor for Pension and Welfare Benefit Programs and, in 1985, was Acting Executive Director of the Pension Benefit Guaranty Corporation. His earlier technical, professional, and business experience was with Price Waterhouse, Coopers & Lybrand and Source Services Corporation.