This post features a 2007 segment form the CBS program 60-Minutes interviewing David Walker. Walker served as Comptroller General of the United States and head of the Government Accountability Office (GAO) from 1998 to 2008. He was appointed by President Bill Clinton and continued serving under President George W. Bush. In the segment, Walker explains how the government’s major entitlement programs, Medicate, Medicaid, and Social Security, are unsustainable in the long run.

Consequently, it is not only the current deficits that we need to curtail but also the gigantic obligations the government takes on to pay out all future entitlements.

Some socialists would love everyone to believe that this can all be fixed by taxing the rich. Aside from the moral implications of forcefully taking someone’s money to finance another’s lifestyle, this can never come about as there’s just not enough money in it. To learn why please read our post You Will Pay, Not Just the Rich.

Furthermore, raising taxes has the nasty side effect of bringing down the whole society, with the poor getting hurt the most, then the middle class, and the rich the least. To learn more about why this is so, please read our post The Richer You Are, the Easier It Is for You to Avoid Increasing Taxation and Leave the Bills to the Middle Class and Why a Soak the Rich, High Tax Strategy Inhibits the Economy and Hurts the Poor and Middle Class the Most.

Given this side effect, I sometimes wonder whether the socialists are actually agents of the billionaires in our society!

Here’s the video. It’s simply a gem. Enjoy!