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Posted August 2, 2008
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United States
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This iReport is part of an assignment:
The Situation Room: Your political resolutions |
US Debt:The Crisis Looming on the Horizon
Why is it that CNN is not talking about the greatest crisis the US is facing today?
Last year Fed President, Ben Bernanke warned:
"under the scenario I have been discussing, the debt-to-GDP ratio would rise far into the future at an accelerating rate. Ultimately, this expansion of debt would spark a fiscal crisis, which could be addressed only by very sharp spending cuts or tax increases, or both."- Bernanke Feb 2007
George Bush has doubled US debt since he has been in office. Yet, no one is discussing this. Bernanke is warning us of a coming fiscal crisis, yet no one is paying attention. As the attached chart shows, in 25 years, the only president to lower National Debt was a Democrat, yet Republicans are not being held responsible for this mess.
CNN's role should include educating the public about this looming crisis, who is responsible and what needs to be done about it.
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