Our country’s spending and debt situation explained in a fast-paced motion graphics video (runtime is 2:20 minutes):
According to a recent GWU Battleground poll, nine in 10 likely voters are at least “somewhat” concerned about the current level of government spending. 74 are “extremely” or “very” concerned. And 58 percent think the level of spending is unsustainable.
Is the public right? Is Washington bankrupting America? Some facts from the video:
Spending per household has risen over 40 percent in the last 10 years – and is set to do so again in the next 10 – pushing debt (and interest on the debt) to unprecedented levels. But that’s just a result of past spending.
Add in our government’s $106 trillion in future spending commitments – that cannot be paid for – and it becomes clear that our government’s spending is setting the country down a path toward bankruptcy.
We can solve it, but politicians will have to make tough choices.
Increasing taxes can’t do the trick ($106 trillion is equivalent to taking all of the taxable income from every American nine times over), nor is it fair to saddle taxpayers with a problem created by government irresponsibility.
We need real spending reform. Merely returning to the spending per household levels of the 1990s would balance the budget in three years.
Yet, policies under Bush and Obama have made the problem worse, not better: budget cuts that pale in comparison to spending increases, more lobbyists, more earmarks, expanded spending on autopilot programs like Social Security and Medicare, and savings gimmicks that don’t amount to meaningful change.
Reform can only be achieved if the public is informed and engaged. You can start by doing the following:
(1) Share this video with at least 5 friends, family and coworkers.
(2) If you haven’t already, subscribe to receive emails from us (you’ll be first to receive our videos and other timely info about economic policy).
Read the rest at http://www.bankruptingamerica.org/