WASHINGTON — On the heels of its recent National Debt Clock tour, the Concord
Coalition reminded lawmakers today that the long-term economic benefits of paying down the
mounting federal debt outweigh the short-term benefits of permanent spending increases or
huge tax cuts.
WASHINGTON — On the heels of its recent National Debt Clock tour, the Concord
Coalition reminded lawmakers today that the long-term economic benefits of paying down the
mounting federal debt outweigh the short-term benefits of permanent spending increases or
huge tax cuts.
The Concord Coalition’s National Debt Clock – a giant electronic
scoreboard that ticks off the growth of our $5.6 trillion national debt at $3,517 per
second – just returned from a tour
across Alabama, Arkansas, Georgia, Louisiana, Mississippi, Tennessee and Texas over the
August Congressional recess.
The clock, which is mounted on a 25-foot trailer, displays the dramatic
second-by-second growth of the national debt as well as each family’s share of the
debt, which equals approximately $83,000 for a family of four or $21,000 per person.
Despite a unified budget surplus, the national debt increased by $109 billion in fiscal
year 1998 alone, or about $300 million per day.
“Concord’s recent National Debt Clock tour allowed people to see
first-hand exactly how fast the national debt is growing, despite all the talk of budget
surpluses. The fact that our national debt is
growing at over $3,500 per second is a powerful illustration of our responsibility to
future generations to pay down the mounting national debt while we can,” said Concord
Policy Director Robert Bixby.
“It was obvious during our recent Debt Clock tour that many American families
can relate to the government’s fiscal situation.
They understand that after running up a substantial debt over many years –
whether it’s on the family credit card or in the government’s ledger books —
the fiscally responsible thing to do with any surplus is to pay down the debt,” Bixby
said.
“This is particularly true in light of the huge, unfunded Social Security and
Medicare obligations that lurk just around the corner.
Debt reduction is no substitute for real reform of these programs, but it would
certainly provide valuable breathing room,” Bixby said.
The Concord Coalition was founded in 1992 by the late former Senator Paul Tsongas
(D-Mass.) and former Senator Warren Rudman (R-N.H.).
Former Senator Sam Nunn (D-Ga.) joined Rudman as co-chair of the organization in
1997. The Concord Coalition is a
nonpartisan, grass roots organization dedicated to balanced federal budgets and
generationally responsible fiscal policy.
