What’s the responsible way to resolve our fiscal crisis?
As we head into fall and the end of the fiscal year, the conversation in Washington will once again center around one topic: spending. Americans are expecting to witness the same dramatic showdowns and heated rhetoric. The one thing Americans aren’t expecting to hear – and what we urgently need – is for our leaders to ask the question, “What’s the responsible way to resolve our fiscal crisis?”
National Debt “Historically High.” The national debt is $16.7 trillion and the Congressional Budget Office (CBO) warns that “federal debt held by the public is projected to remain historically high relative to the size of the economy for the next decade.”
The European Union will face their own “cliff” in September as U.S. lawmakers battle to prevent the fiscal cliff at home. This European cliff has nothing to do with scheduled sequestration and tax increases, but it is a similar perfect storm.
Detroit has been in such a dire financial position that it had to turn over control of its budget to an outside board. Under the terms of a consent agreement with the state of Michigan, this outside board controls much of Detroit’s finances. So it comes as no surprise that the estimated $700-900,000 being spent on fireworks recently was met with some criticism.
In an unexpected move today, the G7 group of industrialized nations held an emergency meeting to discuss the deteriorating economic situation in Europe and the urgent need to recapitalize banks in Spain.
If you can’t solve your own debt crisis, don’t you think it’s silly to try and solve someone else’s debt problems? Not the administration.
President Obama is in Iowa today calling for tax credits on clean energy technologies and chiding Congress to act on his “to-do list.” But Iowans should ask whether or not the budget is on that list.
According to the Associated Press, 20% of adults say the economy is in good shape and 64% think it is in poor shape. What do you think?
The protests in Greece have shown that Greeks are unsatisfied with the economy. Americans too are in desperate need of jobs and demand deficit reduction from Washington. Check out our latest inforgraphic on the statistics of the two countries and their three main parallels.