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(128 seconds)
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(OPEN):
AMERICA'S PUBLIC-DEBT IS NOW OVER 16-TRILLION DOLLARS--AND
SHOWS NO SIGNS OF SLOWING DOWN. THAT'S WHY FORMER OHIO-GOVERNOR
AND -SENATOR GEORGE VOINOVICH 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...
(VOINOVICH):
"OVER THE PAST
40 YEARS, THE SIZE OF AMERICA'S PUBLIC-DEBT HAS AVERAGED BELOW
40-PERCENT OF THE ECONOMY. BUT, TODAY, DEBT HAS SURPASSED
70-PERCENT OF OUR NATION'S ECONOMIC-OUTPUT. AND, CURRENTLY, WE ARE
BORROWING 40 CENTS OF EACH DOLLAR SPENT--AND ARE PUTTING IT ON OUR
CHILDREN AND GRANDCHILDREN'S CREDIT-CARD. MORE NATIONAL-DEBT WILL
MEAN 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, VOINOVICH BELIEVES THAT THERE'S STILL TIME FOR OUR NATION'S
LEADERS TO ACT...
(VOINOVICH):
"INACTION'S
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'D LIKE TO SIGN OUR PETITION--OR FIND OUT MORE ABOUT THE CAMPAIGN
TO FIX THE DEBT--CHECK OUT
'FIX-THE-DEBT'-DOT-ORG."
(CLOSE):
THAT WEBSITE, AGAIN, IS "FIX-THE-DEBT"-DOT-ORG.
