The United States is a decade away from being Greece if it fails to get on the path of fiscal responsibility, former US Comptroller General David Walker told CNBC Thursday.
“When you look at the debt held by the public—federal, state and local—we’re already worse off in the United States than Spain,” said Walker, now president and CEO of the Peter G. Peterson Foundation. “We’re worse than Ireland. We’re two years away from being Portugal and 10 years ago from being Greece.”
Walker said even though investment in the dollar is now a rush-to-safety move, it’s a temporary situation. “We have more rope because we have 64 percent of the world’s global reserve currency. That gives us more time. It doesn’t mean that we’re exempt from the rules of prudent finance.”