The Fiscal Wake Up Tour was a joint public engagement initiative by The Concord Coalition

Concord Coalition

The Concord Coalition is a political advocacy group in the United States, formed in 1992. A bipartisan organization, it was founded by former U.S. Senator Warren Rudman, former Secretary of Commerce Peter George Peterson, and the late U.S. Senator Paul Tsongas. The Concord Coalition's advocacy...

, The Brookings Institution

Brookings Institution

The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...

, and The Heritage Foundation

Heritage Foundation

The Heritage Foundation is a conservative American think tank based in Washington, D.C. Heritage's stated mission is to "formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong...

. U. S. Comptroller General

Comptroller General of the United States

The Comptroller General of the United States is the director of the Government Accountability Office , a legislative branch agency established by Congress in 1921 to ensure the fiscal and managerial accountability of the federal government...

 David M. Walker

David M. Walker (U.S. Comptroller General)

David M. Walker served as United States Comptroller General from 1998 to 2008, and is now the Founder and CEO of the Comeback America Initiative.- Career as Comptroller General :...

 was an advisor and participated in each of the Tour's public events. The purpose of the Tour was to educate Americans about their nation's true long-term financial condition and large and growing fiscal imbalance and to encourage Americans to demand action. The tour conducts a series of town hall forums and editorial board briefings around the country. By uniting with analysts from across the political spectrum on the Fiscal Wake-Up Tour, Heritage hopes to encourage a spirit of bipartisan

Bipartisanship

Bipartisanship is a political situation, usually in the context of a two-party system such as the United States, in which opposing political parties find common ground through compromise. The adjective bipartisan can refer to any bill, act, resolution, or other political act in which both of the...

 honesty and frank discussion.

The Tour began in 2005, and covered over 40 cities, stressing such concerns as:

• The combination of the "big three" entitlements – Medicare
  Medicare (United States)
  Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over; to those who are under 65 and are permanently physically disabled or who have a congenital physical disability; or to those who meet other...
  
   and Social Security
  Social Security (United States)
  In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance program.The original Social Security Act and the current version of the Act, as amended encompass several social welfare and social insurance programs...
  
   and Medicaid
  Medicaid
  Medicaid is the United States health program for certain people and families with low incomes and resources. It is a means-tested program that is jointly funded by the state and federal governments, and is managed by the states. People served by Medicaid are U.S. citizens or legal permanent...
  
  – will double from the current 8 percent of GDP to 15 percent when today’s newborn graduates from college, to nearly 20 percent of GDP when today's college graduate reaches retirement in 2050.
• The unfunded federal future obligations of the federal government are now the equivalent of a mortgage of over $50 trillion ($38.8 trillion of which is due to Medicare and Social Security). This translates into a financial burden of $170,000 for each American.

• Without reform of entitlements, balancing the budget would mean driving up taxes dramatically to levels never seen in the US.

External links

• Government Accountability Office Wake Up Tour
• Heritage Foundation Fiscal Wake Up Tour
• A 'Fiscal Hurricane' on the Horizon USA Today Nov. 14, 2005
• Fiscal Wake Up Tour at the University of Maryland, Baltimore County (UMBC) Oct. 29, 2007