I.O.U.S.A - Addison Wiggin [1]
Foreword
This book will provide you with information on two journeys based on the critically acclaimed documentary I.O.U.S.A. The fi rst is a journey through time in which you learn about various key events relating to our country ’ s fi nancial and other affairs since the beginning of the American republic in 1789. This journey also looks forward to what our future would look like in 2040 under a do - nothing or let - the - chips - ride scenario. During this journey you will also learn about four key defi cits that threaten America ’ s and our families ’ futures and what both Washington policy makers and you should do about them.
The second journey follows the efforts of various participants, including myself, in the Fiscal Wake - Up Tour across the United States. As of June 2008, the Tour had traveled to over half the states and about 40 cities. Participants in the Tour state the facts and speak the truth directly to the American people about our nation ’ s true fi nancial condition and fi scal future. They also highlight the failure of Washington policy makers to address a range of large, known, and growing challenges that threaten our future.
The documentary is based in large part on a “ Four Defi cits ”
speech that I have given on a number of occasions on the Fiscal Wake - Up Tour, which also draws certain lessons from the fall of Rome, the longest - surviving republic in human history. These and the book Empire of Debt (Wiley, 2006), written by Bill Bonner and Addison Wiggin, provide a solid foundation for the documentary ’ s message. These messages are reinforced by a solid cast of bipartisan characters from the political arena. And we hear from three major sectors of the U.S. economy: those ix
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who save and invest; those who choose not to save; and those for whom saving is very diffi cult.
This Foreword, however, covers my own personal journey, including how it evolved during the shooting of the fi lm over the past two years. My journey continues and will until leaders whom we ’ ve sent to Washington start focusing on the nation ’ s future rather than their own present need to get reelected and begin to make tough choices. Our leaders need to deliver some real results for the American people. The alternative is unthinkable for many people.
My personal journey started on October 2, 1951, in Birmingham, Alabama. I was the fi rst of three sons of David S. Walker and Dorothy West Walker. As a child I grew up in several towns in Alabama and Florida. In my early years we rarely traveled outside our hometowns and never outside our home states.
I went to college at Jacksonville University in Jacksonville, Florida, where I met my wife Mary. We were married at the end of my sophomore year. In fact, at the early age of 19, we eloped to South Carolina. I subsequently graduated with a B.S. degree in accounting. Thirty - seven years and many moves later, which included homes in Florida, Georgia, Texas, and Virginia, Mary and I are still married. We now have two children and three grandchildren. So far we ’ ve beaten the odds associated with marrying at such a young age.
My professional career stated in public accounting with Price Waterhouse and Company. After earning my certifi ed public accountant (CPA) certifi cate, I changed fi rms and joined Coopers and Lybrand. Later, I became involved in the recruit-ing and human resource consulting business before doing public service in the federal government. My career has included serving as head of a global service line for Arthur Andersen LLP before the fi rm experienced the problems that led to its downfall.
My federal government career started in 1983 with the Pension Benefi t Guaranty Corporation and later the Labor flast.indd x
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Foreword xi
Department. I
’ ve had the privilege to lead three federal government agencies, all professional services organizations.
Most recently I served as Comptroller General of the United States and head of the U.S. Government Accountability Offi ce (GAO) from 1998