David Walker, former Comptroller General in Washington D.C. will talk about the state of the Nation’s and Connecticut’s finances. According to Walker, the Government is too big as it is 24% of the economy, moving toward 37%.

Only 37% of spending is controlled by Congress, and 63% is fixed. There has been no budget for three years, so that there cannot be an allocation of resources. We must somehow control the spending, and 97% of those polled agree. The demographics show that the number of Social Security recipients is moving toward the same number of payees.

Program: 1) grow the economy, 2) reduce the amount of debt as a % of the economy, 3) The social effort made manageable, 4) Plan has to be politically feasible; opposition party must help.

The biggest holder of our debt is not China, but the Federal Reserve. We need extraordinary leadership from the President. He must go to the American public to pass legislation with bipartisan support.

We need redistricting to change the makeup of Congress reflect reality. Term limits would help, and House terms should be four years with half the House elected every two years.