Yesterday, David Walker, former head of the Government Accountability Office, criticized both presidential candidates for failing to lay out a plan for cutting the national debt. He has long railed against the lack of spending controls and mounting government debt, and this financial crisis has made his perspective especially relevant.
As for consumers who don't have enough money for retirement, Walker says some people will just have to work longer—and he argues that's not a bad thing. The economy needs workers to grow, and health studies suggest people live longer when they continue working. So, in his view, we should be happy when we have to keep working well after age 65.