David Walker, the United States’ head accountant, resigned today. Why? He loves his country.
Walker’s warnings about the dangers of deficit spending fell on deaf ears in Congress, so he took his message to the streets. He appeared on 60 Minutes and Glenn Beck, but his message still didn’t take root in American thought, but someone was listening–someone with very deep pockets.
Peter G. Peterson has hired Walker to be the CEO of his new billion-dollar foundation, the Peter G. Peterson Foundation. The Peterson Foundation’s main objectives are economic. It will explore and promote ways of reducing the public debt and ending U.S. dependency on foreign oil. Given Peterson’s history (he was chairman of the Council on Foreign Relations), the Foundation is perhaps an expression of regret about the direction America has chosen in his lifetime. A more sinister possibility is that Peterson hired Walker for the purpose of sidelining Walker’s message, which I think is not the case, though the conspiracy theorists will likely adopt that explanation. I believe this is an instance, in which an affluent 81-year old billionaire has realized he has but a few years to set the world straight, and he wants to put his eggs in a fruitful basket.
Only time will tell what, if anything, the Peterson Foundation is able to accomplish, but I have every reason to be hopeful.
Filed under: economy, Politics | Tagged: America, ceo, CFR, chairman, comptroller, congress, david walker, debt, deficit, dependency, economics, economy, foreign, foundation, gao, general, glenn beck, history, oil, peter, peterson, Politics, resigns |