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(121 seconds)
-- How Will You Use This Story? --
(OPEN):
AMERICA'S PUBLIC-DEBT IS NOW OVER 16-TRILLION DOLLARS--AND
SHOWS NO SIGNS OF SLOWING DOWN. THAT'S WHY RICK BENNETT--A
FORMER PRESIDENT OF THE MAINE SENATE--IS CO-CHAIRING AND HELPING TO
LAUNCH THE STATE'S CHAPTER OF THE CAMPAIGN TO FIX THE DEBT--A
CAMPAIGN THAT'S DEDICATED TO FINDING BIPARTISAN POLICY-SOLUTIONS TO
BRING THE DEBT UNDER CONTROL...
(BENNETT):
"OVER THE PAST
40 YEARS, THE SIZE OF AMERICA'S PUBLIC-DEBT HAS ACTUALLY AVERAGED BELOW
40-PERCENT OF THE ECONOMY. BUT, TODAY, DEBT HAS SURPASSED
70-PERCENT OF OUR NATION'S ECONOMIC-OUTPUT--AND COULD GROW PAST
200-PERCENT OF G-D-P, BEFORE KIDS WHO ARE BORN TODAY TURN 25, IF WE DO
NOTHING. MORE NATIONAL-DEBT WILL MEAN, OF COURSE, HIGHER
INTEREST-RATES ON CONSUMERS' CREDIT-CARD DEBT, CAR-LOANS, AND MORTGAGES.
AND, IT MEANS AN INCREASED TAX-BURDEN ON OUR CHILDREN AND
GRANDCHILDREN--WHILE THREATENING THEIR SOCIAL-SERVICES AND RETIREMENT.
ALSO, GOVERNMENT-DEBT WILL CROWD-OUT PRODUCTIVE INVESTMENTS IN EDUCATION
OR INFRASTRUCTURE--LEADING TO BOTH SLOWER ECONOMIC-GROWTH AND LOWER
WAGES. EVENTUALLY, OUR NATION COULD FACE AN ECONOMIC-CRISIS
SIMILAR TO WHAT WE'VE SEEN IN ITALY AND GREECE."
(BRIDGE):
HOWEVER, BENNETT BELIEVES THAT THERE'S STILL TIME FOR OUR NATION'S
LEADERS TO ACT...
(BENNETT):
"INACTION IS
NOT AN OPTION: WE NEED TO ENACT A PLAN THAT STABILIZES DEBT, AS A
SHARE OF THE ECONOMY. AND, WE NEED TO DO IT SOON. INDEED,
SMART AND GRADUAL DEBT-REDUCTION CAN REVERSE THE NEGATIVE ECONOMIC- AND
GENERATIONAL-CONSEQUENCES OF ELEVATED- AND RISING-DEBT. A CREDIBLE
PLAN WOULD STRENGTHEN THE ECONOMY--BY KEEPING INTEREST-RATES AND
INFLATION LOW, DECREASING UNEMPLOYMENT, AND GETTING RID OF
ECONOMY-DISTORTING TAX-LOOPHOLES. RIGHT NOW, THERE ARE MANY
PROPOSALS TO CHOOSE FROM; POLICYMAKERS NEED TO START FOCUSING ON
SELECTING THE BEST IDEAS--AND IMPLEMENTING THEM--AS SOON AS POSSIBLE.
IF YOU WOULD LIKE TO SIGN OUR PETITION--OR FIND OUT MORE ABOUT THE
CAMPAIGN TO FIX THE DEBT--PLEASE GO TO
'FIX-THE-DEBT'-DOT-ORG."
(CLOSE):
THAT WEBSITE, AGAIN, IS "FIX-THE-DEBT"-DOT-ORG.
