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(110 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 LEWIS GOSSETT--THE
PRESIDENT AND C-E-O OF THE SOUTH CAROLINA MANUFACTURERS
ALLIANCE--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...
(GOSSETT):
"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 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 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, GOSSETT BELIEVES THAT THERE'S STILL TIME FOR OUR NATION'S
LEADERS TO ACT...
(GOSSETT):
"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--CHECK OUT
'FIX-THE-DEBT'-DOT-ORG."
(CLOSE):
THAT WEBSITE, AGAIN, IS "FIX-THE-DEBT"-DOT-ORG.
