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.
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.
Once again, Greece finds the international community questioning its ability to pay its debts. Default and an exit from the Euro Zone (or countries which share the Euro as a common currency) threatens on the horizon. Here in the U.S., we face high debts and have a lowered credit rating due to Washington’s inability to agree on deficit reduction. Just how alike are our two nations?