Austrian daredevil Felix Baumgartner made headlines Sunday when he plunged more than 128,000 feet in about ten minutes in a record-breaking skydive. Millions of people around the world watched with bated breath during his perilous descent.
Baumgartner’s free-fall may have been unprecedented, but the U.S. is presently on course to make the feat look like child’s play.
Our national debt is currently making its own climb up to stratospheric heights, with gross debt recently reaching $16 trillion. Stacking $16 trillion worth of one dollar bills on top of each other would reach the moon four times.
Right now, the U.S. is set for its own big leap at the end of the year, when abrupt and across-the-board spending cuts and tax increases will take effect. Everyone will be watching the plunge if it happens, but few will be impressed. Most economists agree that going over what Federal Reserve Chairman Ben Bernanke calls the “fiscal cliff” would cause another recession.
There is a better way. Replacing the fiscal cliff with a smart, comprehensive debt reduction plan that is phased in over time would bring the debt under control without putting the economy in a nosedive.
Watch our short video describing the situation and sign the Citizen’s Petition to Fix the Debt to tell policymakers that we want solutions, not stunts.
National Debt and You