Former Comptroller General of the United States David Walker has been sounding the warnings of impending Federal bankruptcy for years.  The largest problem is Federal health care entitlements — a factor to be seriously considered as Congress debates yet another proposed health care entitlement bill.

Walker’s assessment of the coming impact of national debt is straightforward and blunt:

The entitlements due from Social Security and Medicare present us with [a] . . . frightening abyss. The costs of these current programs, along with other health-care costs, could bankrupt our country. The abyss offers no assets, troubled or otherwise, to help us cross it.

Call This A Crisis? Just Wait (Fortune, October 30, 2008). That was before the current regime kicked budget deficits into the trillions per year.

David Walker in 2005 (very long video):

David Walker in 2006: Is America Facing An Economic Disaster? (video link)

David Walker in 2007:

David Walker 2008:

David Walker, 2009: