Diagnosis for the U.S. Budget – Fiscal Cancer

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After taking a look at Bush’s Budget, David Walker, head of the Government Accountability Office, has diagnosed the U.S. economy as suffering from “fiscal cancer.”

This past weekend, on an appearance on Bloomberg TV, Walker said, “We don’t face an immediate heart attack, but we have been diagnosed with fiscal cancer and we need to start treating it.”

Walker also said he “would not be surprised” if Iraq war costs ultimately top USD $1 trillion.

“We don’t know how long we’re going to be there – we’ve already been there longer than we thought,” he said. “Secondly, we’re going to end up having to replace a lot of equipment and refurbish a lot of equipment, reposition a lot of troops whenever this conflict comes to an end.”

Here’s our quote of the day, as heard from CBS News: “The situation in Iraq isn’t hopeless. We can win there, if we just stop the violence.”

Try to wrap your head around that one.

Bill Bonner

Bill Bonner

Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Bill Bonner

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