Many things about the economy have actually started looking better over the last few months. From unexpected opportunity in our domestic energy production, to the strength of our technology sector, to a resurgent manufacturing sector, there are a lot of reasons the United States could be considered to be in a great competitive place in the world. That was the case made by Goldman Sachs CEO Loyd Blankfein this morning on CNBC.
But that’s not the whole story. The big problem we’ll have is harnessing and capitalizing on all the potential in our country if our debt continues to grow uncontrollably.
Sitting down with Blankfein were our Fix the Debt co-founders Erskine Bowles and Al Simpson who chaired the President’s Debt Commission two years ago. Give a watch above to see how they responded, and why they think fixing our debt is going to matter most. Of particular note are these two quotes:
Erskine Bowles: “People are never going to understand how critical this particular time in history is. We have $7.7 trillion worth of economic events that are going to hit America in the gut in December, and in Washington they're doing nothing about it."
Al Simpson: "They really believe honestly that no Congress could be this stupid, and by God, they can. Which is exactly why people need to get involved instead of assuming congress will deal with the problem.”
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