On Thursday the White House published the chart below that explains how the nation got from the Clinton-era budget surplus and the projection that it would eventually pay off the U.S. national debt to the $14 trillion debacle we’re facing only a decade later.
(Click on the image for a slightly more legible version.)
Who is responsible for the debt crisis? || “The Chart That Should Accompany All Discussions of the Debt Ceiling” http://ow.ly/5Nb8T
This chart is not intended to cause vigorous debate about who is to blame for our current predicament here in the United States, nor is it intended to stimulate a dialog about whether or not we should be concerned about having a debt ceiling. The intention here is to provide a moment of reflection on how we have come to arrive at this place together and the decisions we made about what is important to us as a nation over the past 10 or so years.
$14.27 trillion is owed to wide variety of holders of U.S. Treasury securities || “Who Holds the Federal Debt” http://ow.ly/5MSWB
It doesn’t matter if you’re on the left or right but our elected leaders should reflect on Peter Finch‘s speech from Network (it was largely due to this iconic speech that Finch won the Academy Award for Best Actor):
It was true 25 years ago and it is true today. There are no easy solutions and there are no convenient compromises but solving the financial crisis that faces us is not optional and it cannot be done without sacrifice, but it must be done. Mr. Obama and Mr. Boehner please get back to work.
Promote investment and innovation; the right kind of stimulus – “Obama to Propose Tax Write-Off for Capital Investments” http://ht.ly/2AspW