20 PMR David M Walker - Former Comptroller General

And local men February 22, 2017. This is Peter Rochon, president and founder Rochon insurance and investments, and we are privileged to now be joined by David M. Walker, former Comptroller Gen. of the United States from 1998 through 2008 and he is now founder and CEO of the comeback America initiative David it probably took a lot of hard work and dedication to obtain that high level position. Basically, as the Government accountability officer as the Comptroller Gen. and you made the hard decision to step down from that position. What led to that difficult decision while advocating Comptroller Gen. United States editor Government accountability office.

I recall that I set for myself and I accomplish two of the three goals. After about nine years and I ultimately determined that I was not going to be able to accomplish the third goal in that position and that third goal being able to not just talk about the problem with regard to our nation's answers, but to be able to address sensible solutions that are nonpartisan in nature but should be able to gain bipartisan support. So that's why left. What held you back from being able to achieve that goal. Was it simply the bipartisan support aspect of it, or was this goals more difficult to accomplish than you at first thought it would be what would you Comptroller Gen. and head of the GAO, your client is the conflict regarding state and in all of the American people and the mission of the GAO report to Congress to help improve performance and assure accountability in the Congress generally does not want the GAO to be in the policy development.

So to the extent that you are going to be making specific recommendations about the type of tax reforms, you need to consider.

These are the types of reforms the social insurance program. This is what you need to do in the area of defense spending. This is what you need to do in the area of government organization, operation. It crossed the line between what historically they wanted GAO to do and what I felt needed to be done so you were being proactive. At least you got two of the three goals accomplished.

What would it have taken for you to accomplish that third goal. Well I got shortly.

Was the only one that I get accomplish wants to try to be able to have a meaningful down payment made on what it was going to take in order to be able to put our nation's financial and that's what I felt you had to get into specific reforms which the Congress didn't really want to Comptroller Gen. of the group so I became the first to feel the Pearson foundation.

After that I am not founding my own comeback America initiative and I proved that the American people a lot smarter than the politicians realized they could handle it through their willing to accept our choices as long as a part of a comprehensive and integrated plan designed to achieve a specific goal in that they deem to be fair though. I proved that.

Now what we need is the president of the Congress work together to operationalize. So after your time as Consul Gen. You spent some time touring the country in those new initiatives.

What was your hope for that time touring the country meeting with the American people and do you feel like you did make progress.

There is no question that I did.

I may basically, in particular, we did a $10 million a minute tour which is how fast the unfunded obligations and that was gone up at the time 10 million a minute and we were able to engage the public and gained a super majority support for range of budget, security, Medicare, Medicaid, healthcare, defense, tax and other reforms that were designed to achieve a specific goal in the whole point is if you want to solve this problem.

You can't do it with an inside the Beltway solution. The president has to engage people directly. The people that need to put pressure on their elected officials to be able to come up with solutions because the far right is going to have to compromise and the far left is going to have to compromise in order to get this job done and only the president is elected by all the people.

Do you feel that those in office now could be the ones that help address this problem. Do you feel like the people have access to the president and to the Congress right now that maybe we can see a change of direction or some initiative to face this problem so far. President from talk about how we increase economic growth and opportunity for that and Kroger's alive mechanic should be done under new regulatory relief tax reform, critical infrastructure, investment, etc. in their crate rather than just breaks right but that by itself is not going to get the job done. The president has not talked much about how do we eliminate waste in the Defense Department. How do we end up separating the wheat from the chaff between which government programs are working. Which ones are how do we reform, Social Security, Medicare may consultant sustainable secure while not busting the bank and those little things you gonna have to address you have the opportunity and hopefully you will take advantage of it. I think this is going to focus on the Grove Park first and then potentially address these other issues. How do you feel about the financial progress and awareness of this country to this point and where do you see us heading moving forward. While our deficit started coming down by our economic growth is been very slow were not going to be able to grow our way out of this problem that as a percentage of the economy continues to grow and while I agree that we need to grow the economy, create more job opportunities were also going to have to end up reforming healthcare social insurance programs defense spending in other areas. And while I haven't seen is much talk about that will growth is certainly a concern of the larger economy, but many of those programs are things that will affect each individual citizen more personally.

What should the average American citizen be most concerned about looking forward into their own financial futures. But the fact of the matter is, the federal government scrawled two big promise too much and is going to have to restructure if we can get the economy growing faster that will help baton choices are going to have to be made with regard to spending, including social insurance programs.

People need to understand that eventually those reforms will be made that are likely to live longer than expected. The likely have to pay more for healthcare than they expect to break the plant site and best preserved. I try to get out of bed as soon as they can so that they can have the flexibility to be able to deal with the kinds of changes that ultimately are gonna have to happen. You mentioned restructuring some of the programs in the government. When you feel the future of those government-sponsored entitlement programs such as Social Security, Medicaid and Medicare look like as we moved into our future of personal security is arguably the most important and clearly the most popular federal program. It is underfunded by about $11 trillion. When the so-called trust fund goes to zero and you know frankly less than 20 years from now. It still got about $0.78 in revenue for every dollar promised benefits so it's not like it's going to have no money, but we need to reform it. Now to try to be able to make it solvent sustainable, secure indefinitely.

People may have to work somewhat longer. They may not. They may get somewhat different about them. They think you're going to get what they're going to get something real changes are going to be in a healthcare government is over. Medicare is underfunded. About $30 trillion in current dollar terms its trust funds will run out quicker than slow security policy we have to end up deciding to go to do about important cataract of the biggest changes within a government healthcare area and people that understand that there are likely to have to pay more for healthcare than they expected. What fiscal policies were personal financial choices and options do we have to help address and overcome the concerns with those entitlement programs where you have to plan saving best preserved when you get closer to retirement lot. Look at your investment strategy arrested allocation to make sure you have as much volatility and when you get to the point retirement you need to think about how do you want to convert your savings. Agree you want to consider annuities as an option, which protect you against longer life expectancy than you expected myself, you know, I've got not at that. I got a significant amount in Ira. I got several life annuities, two of which are indexed for inflation or other factors.

And so I think I'm in good shape but you know they didn't just happen overnight. I had to contemplate that and take steps over many years in order to put myself in the conviction that I am today. And others need to do the same with David, as you have taken a look very closely at our economy, and on some level controlled much of our government accountability.

You sound like you have taken steps personally to safeguard and insulate yourself in some manners to make sure that your financial future is sound. That's an approach that you suggest to others also learn more about and evaluate for themselves, absolutely. I'm not worried about myself. I'm not really worried about my kids, but I'm very concerned for my grandkids future and that's one of the reasons I'm still engagements white to try to be able to put our finances in order, because I think what's going on now is your responsible. It's unethical. It's immoral were burdening the future of our children and grandchildren when they don't have a lot tougher competition in the increasingly competitive global economy.

That's not the right thing to do and I'm to do what I can to change that.

What do you think when you hear politicians promising to cut or not raise taxes into the future. While nobody likes to pay higher taxes, especially Bill think that getting a good deal. With regard to taxes already paying and there's no question that we can generate additional revenue through more economic growth. Most of the changes are going to have to make agreement, the spending side, but I believe in time were going to have to end up getting more tax revenue as a percentage of the economy than we have historically so there will be somewhat higher tax burdens over time. But the bigger changes are gonna take place on the spending side as they should. David what is your opinion of the method that the majority of Americans are saving for their financial future by deferring delaying and postponing paying tax inside of their retirement accounts. Do you think that is a wise approach or something that we should think twice about what for sure.

I think you need to say and invest for the future. Reasonable people can and will differ on whether or not you want to do it through. For example, a Roth Ira or irregular. The difference being is when do you pay taxes, obviously, almost all Americans are covered by Social Security which is the foundation of retirement security. Many Americans were included in employer-sponsored plans like 401(k) plans, and so those are already set up. You need to take advantage of those of the maximum extent possible, at least to the employer match for the real decision is what if anything did you beyond that, with regard in Ira and do you want to do it through a Roth or through irregular island you cannot you talk to your people about the tax differences are dated. We certainly appreciate your time both in serving as Comptroller Gen. of the United States and in joining us here on the programs and all of your efforts after you stepped down from that position to help the American public become more aware of the fiscal situation that we are truly and thank you for joining us and thank you for all of your efforts.

While thank you very much for the opportunity. I'm still in the fight from a different position on the battlefield and what we will cheer for you and all your efforts.

Thank you for being here once again take care bye-bye he was former Comptroller Gen. of the United States of America. Mr. David M. Walker, and if you have questions or concerns.

Would like to learn more information about how to implement some of the strategies that Mr. Walker spoke about using himself for his own retirement into your own plans for your financial future, pick up the phone. Give us a call. Would love to talk you about it.

800-338-5944 unit number 800-338-5944 reported hearing from you soon.

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