Walden talks debt, national economy
From our weekly issue dated February 24, 2010
U.S. Rep. Greg Walden
More than one year after the passage of a massive federal stimulus bill, U.S. Rep. Greg Walden (R-Hood River) said that the legislation has failed to live up to its intended promise.
Walden provided a “short snapshot“ of events at the nation“s capitol in Washington D.C. during a Wednesday, Feb. 17 visit with Grants Pass Rotary Club at the Wild River Publick House.
Most of his appearance consisted of a question-and-answer session with the more than 100 audience members. The stimulus was passed with the expectation that it would prevent unemployment from reaching 8 percent, Walden said, noting that it“s now more than 10 percent nationally.
“It“s a really awful situation with the country,“ Walden said.
Throughout the next decade, Walden said, the federal government must slow the growth of its spending. Otherwise, he cautioned, there will either be higher inflation, or the Federal Reserve will raise interest rates.
“Neither of those is good for the economy,“ he said.
Walden said that massive unfunded liabilities with Social Security, Medicare and Medicaid programs also are looming.
“We all better get that figured out, or there won“t be a country left,“ he said.
Taxpayers are “now on the hook“ for many bad mortgages, Walden said, as the federal government has transferred the liability to them. He predicted that the housing market would continue to suffer from a loss of values and a glut of supply.
We want to hear from you!
Add your thoughts with the link below.
Comments returning soon!
Advertisement:
