Defeat the Debt - home

Washington, D.C. — DefeatTheDebt.com released the following statement today, quantifying the size of the national debt and comparing it to the 82nd Annual Academy Awards happening this Sunday night:

Thanks to our government’s lack of fiscal responsibility, we have accumulated more than $12 trillion in national debt. We’re currently paying $600 million a day just to cover the interest payments.

To put  that daily interest  in context, consider what this Sunday’s payment  would purchase at the Oscars:

• $600 million would finance  production of all 10 of this year’s Best Picture nominees.
• $600 million would purchase 300,000 Vera Wang evening gowns, at $2,000 a pop. That’s enough to give a dress to each and every Oscar attendee for the next 90 years.
• $600 million would purchase 1.2 million gold Oscar statuettes, enough for the Academy to have awards on hand for every show for the next 24,000 years.
• $600 million would cover all 16,500 square feet of the famed red carpet with a stack of dollar bills 18 inches deep.

“Our government has been living a reckless life of fiscal excess,” said Rick Berman, Executive Director of the Employment Policies Institute.

“If we continue to live beyond our means, the tragic bankruptcy that comes at the end of our own ‘True Hollywood Story’ will be a disaster for us all.”

DefeatTheDebt.com is a project of the Employment Policies Institute, and aims to highlight the threat posed by the unsustainable borrowing and spending of the federal government. To learn more about the debt, visit DefeatTheDebt.com.

Past Commissions’ Difficulties Could Mean Trouble for President Obama’s Debt Commission

Washington, D.C. — The “Defeat the Debt” campaign, a project of the Employment Policies Institute (EPI), today released an analysis of recent presidential commissions. It raises questions about the ability of President Obama’s commission to tackle our $1.4 trillion budget deficit.

“While the goals of this debt commission are laudable, I am skeptical that the administration and Congress will act on their recommendations in a substantial manner,” said Rick Berman, Executive Director of EPI. “This debt commission was created because Congress doesn’t have the political will to confront the entitlement programs driving our national debt.”

The last two presidents have also appointed commissions to address growth in entitlement spending. EPI found that the results were unimpressive:

• 1995: President Clinton’s Commission on Entitlement and Tax Reform — a 32-member bipartisan panel tasked with creating a plan to control the growth of programs like Medicare and Social Security — couldn’t reach a consensus solution. The commission didn’t offer official recommendations, simply concluding that “the present trend is not sustainable.”

• 1997: President Clinton’s 13-member commission on Social Security released three separate proposals on reforming the entitlement program. Congress failed to act on any of the proposals.

• 2001: President Bush’s Commission to Strengthen Social Security reached an agreement on broad principles of reform, but failed to reach a consensus on a particular plan. Three alternatives were released, one of which President Bush embraced in 2005. This “privatization” campaign was roundly rejected by Congress and the public.

“Our country can’t afford another powerless commission that takes a long time to produce a widely-ignored report,” said Berman. “If Congress and this administration are serious about cutting the debt, the solution is simple — stop spending money that we don’t have. Now. It’s easy — Just say ‘NO.’”

EPI’s “Defeat the Debt” campaign aims to highlight the threat posed by unsustainable borrowing and spending by the federal government. The campaign includes a national television commercial, which has aired on CNN, Fox News, CNBC, and — most recently — in the Washington, DC area during the Super Bowl. In January, EPI placed two adjoining billboards in New York’s Times Square, featuring a bedraggled Uncle Sam begging for $12 trillion from taxpayers.

For more information or to arrange an interview please call Sarah Longwell at 202-463-7650

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy.

Today, President Obama signed into law a $1.9 trillion increase in the federal debt ceiling. Rick Berman, executive director of the Employment Policies Institute, released the following statement:

The effectiveness of a debt reduction plan can be judged by the outrage it generates. This is because an effective plan would cut the outsized entitlements and pork-barrel projects that are “sacred cows” of powerful interest groups.

Yet there’s been no outrage over Congress’ promises of fiscal responsibility or over the President’s proposed debt commission.

These “toothless” and ineffective measures don’t fool anyone here in Washington, but our elected representatives are cynically hoping they’ll fool the American people.

If the President or Congress wanted to cut spending, they could do so today. Instead, the President recently committed to a “freeze” that eliminates four-tenths of one percent of the spending in the federal budget over three years.

Continuing this charade of fiscal discipline, while authorizing a staggering $1.9 trillion in additional debt, is a weak response to a crisis.

The nation can’t survive another round of broken promises.

This city has no shortage of good solutions to our debt. But there’s an utter lack of serious people willing to act on them.

To arrange an interview please call Sarah Longwell at 202-463-7650

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy.

DefeatTheDebt.com released the following statement today, quantifying the size of the national debt and comparing it to DC’s “snowpocalypse”:

Over the past few weeks, residents of Washington, DC have been inundated with media coverage of the blizzard that President Obama called “the snowpocalypse.” While the snowfall was significant, in that same time only a relative handful of stories have covered a far more frightening story: a $1.9 trillion increase in the national debt ceiling, the largest debt in the history of the world.

The snow is beginning to melt, but the debt keeps piling up — we’re at $12.3 trillion and counting. And while the unexpected blizzards caught city officials with their snowpants down, the impending debt crisis has been apparent for years.

To put the size of the debt in perspective, $12.3 trillion in pennies would cover the entire District of Columbia to a depth of nearly nine feet, triple the depth of the recent snow. If that happened, of course, we might actually see some real attention paid to the problem.

Washington, D.C. — The Employment Policies Institute (EPI) released the following statement in response to Thursday’s Senate vote to raise the debt ceiling for the second time in as many months.

From J. Justin Wilson, EPI Senior Research Analyst and Manager of EPI’s Defeat The Debt campaign:

“Washington’s disconnect between rhetoric and reality was on full display today, as the Senate passed the largest-ever increase in federal borrowing only hours after a State of the Union address in which President Obama promised a new focus on fiscal responsibility. The American people know that borrowing another $1.9 trillion is not progress — it’s digging the nation deeper into debt at a time when we can least afford it.

That is why EPI has launched a campaign to put into perspective the frightening reality of the massive federal debt. People do not realize just how much $12.3 trillion is, and what it will take for our country to get out from under that level of debt. For example, using the passage of time as a reference, a million seconds will elapse in 12 days, while a trillion seconds is equivalent to more than 30,000 years.

Last year, the government’s tax revenue was enough to cover Social Security, Medicare, Medicaid, and a few other entitlement programs. Everything else, from the Department of Defense to the National Park Service, went onto the nation’s credit card.

We simply cannot afford to continue down this reckless path. Defeating the debt will take real action, not budgetary gimmicks like the new pay-as-you-go rule that includes $1.6 trillion in exceptions, or a toothless presidential ‘Debt Commission’ without any actual authority over Congress.”

The Defeat the Debt campaign aims to highlight the threat posed by unsustainable borrowing and spending by the federal government. Additionally, EPI has placed two adjoining billboards in New York’s Times Square, featuring a bedraggled Uncle Sam begging for $12 trillion from taxpayers.

The campaign also includes a national television commercial, which has aired on CNN, Fox News, and CNBC. Throughout September and November, EPI also placed 17 homeless Uncle Sams on the streets of Washington, New York City, and Chicago to beg for $12 trillion from taxpayers.

For more information or to arrange an interview please call Sarah Longwell at 202-463-7650.

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy.

Multi-Million Dollar “Defeat the Debt” Ad Campaign Continues with Times Square Billboards

Washington, D.C. — The Employment Policies Institute (EPI) is continuing its high-profile, multi-million dollar “Defeat the Debt” campaign by placing two adjoining billboards in New York City’s Times Square, which will be on display through January. The billboards highlight the threat posed by unsustainable borrowing and spending by the federal government. The three-story billboards depict a bedraggled Uncle Sam asking Times Square visitors if they can spare $12 trillion for the nation’s staggering debt.

The ads come on the heels of Congress raising the federal debt ceiling by $290 billion before the New Year. Reports now indicate that the debt ceiling must be raised again within the next three months in the face of unprecedented deficit spending. The current debt is $12.3 trillion, dangerously close to the $12.4 trillion debt ceiling.

The “Defeat the Debt” campaign includes a national television commercial, which has aired on CNN, Fox News, and CNBC. Throughout September and November, EPI also placed 17 destitute Uncle Sams on the streets of Washington, New York City, and Chicago to beg for $12 trillion from taxpayers. Additionally, EPI’s website DefeatTheDebt.com was developed in order to educate the public about the enormous federal debt.

Through its ads and website, the “Defeat the Debt” campaign strives to put into perspective the size of a multi-trillion dollar debt. For example, using the passage of time as a reference, a million seconds will elapse in 12 days. A trillion seconds is more than 30,000 years.

“This campaign is all about getting people to understand the frightening reality of the massive federal debt,” said EPI Executive Director Richard Berman. “People do not realize what it will take for our country to get out from under a $12 trillion debt when the government is expected to be adding over $1 trillion in new budget deficits each year. Last year, all of the government’s tax revenue was used to cover Social Security, Medicare, Medicaid, and a few other entitlement programs. Funding for everything else, from the Department of Defense to the National Park Service, went onto the nation’s credit card. We’re even borrowing to pay the $500 million in daily interest payments we owe on the debt. How insane is that?”

Berman continued, “America’s current level of spending is unsustainable. The country has never before been in such a precarious financial position where we are so indebted to foreign governments. The government’s New Year’s resolution must be to defeat our debt now. And this is one resolution they can’t break.”

For more information or to arrange an interview please call Sarah Longwell at 202-463-7650.

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy.

Washington — Reports today indicate that Congress will authorize an increase of the federal debt ceiling by $1.8 trillion before the New Year. The national debt of $12.09 trillion is dangerously close to the current limit of $12.104 trillion.

The Employment Policies Institute recently launched its Defeat the Debt campaign, a high-profile, multi-million dollar public awareness effort highlighting the threat posed by unsustainable borrowing and spending.

Richard Berman, Executive Director of the Employment Policies Institute, made the following statement in response to these reports:

Raising the debt ceiling by hiding it in a “must-pass” defense spending bill is another old Washington gimmick meant to remove some pressure from an otherwise difficult vote. The American people deserve better than a hasty vote under the cover of darkness. A decision of this magnitude merits an up-or-down vote, so that every elected member of Congress directly acknowledges the mess we are in.

The Defeat the Debt campaign is all about getting people to understand the frightening reality of the massive federal deficit. People do not realize just how much $12.09 trillion is and what it will take for our country to get out from under that level of debt. Americans also don’t grasp just how much money we now owe to foreign governments and just how unsustainable our current level of spending is.

We have to do something to defeat the debt NOW. Raising the debt ceiling won’t solve the debt crisis, just like buying bigger pants isn’t a cure for obesity.

For more information visit DefeatTheDebt.com

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy. For additional information or to schedule an interview with a spokesperson call 202.463.7650.

WASHINGTON - Tomorrow (11/10) the Employment Policies Institute (EPI) will continue its high-profile, multi-million dollar ad campaign highlighting the threat posed by unsustainable borrowing and spending. The campaign comes amidst reports that the Senate will soon be forced to raise the debt ceiling in the face of unprecedented deficit spending. The current debt is $11.9 trillion, dangerously close to the $12.1 trillion debt ceiling. That is why EPI is stationing 17 destitute Uncle Sams across Chicago on Tuesday to beg for $12 trillion from taxpayers.

The Defeat the Debt campaign includes a national television commercial, which has aired on CNN, Fox News, and CNBC. EPI also launched “stage 2” of the campaign last month by placing its 17 destitute Uncle Sams on the streets of Washington, DC and New York City to beg for $12 trillion from taxpayers. Additionally, EPI's website DefeatTheDebt.com was developed in order to educate the public about the enormous federal debt.

A full-page ad is running in RedEye tomorrow. The ad features a downtrodden Uncle Sam holding a sign saying, “I Want YOU to Give Me $12 Trillion.” The text of the ad reads:

The United States government owes more debt than any other nation in the world: $11.9 trillion. We spend almost $500 million on interest payments every day. Much of it to foreign banks and governments. The White House predicts that by 2019 we will spend more tax dollars for interest on the debt than for our national defense.

“This campaign is all about getting people to understand the frightening reality of the massive federal debt,” said EPI Executive Director Richard Berman. “People do not realize just how much 12 trillion dollars is, and what it will take for our country to get out from under that level of debt. Americans also aren't aware of how much money we now owe to foreign governments and just how unsustainable our current level of spending is. We have to do something to defeat the debt now, or we will live to regret it.”

Debt-Riddled Uncle Sam is available for interviews. To schedule an interview or to get a complete list of where all the Uncle Sams will be stationed, call Allyson Funk at 202.463.7650.

New Campaign Asks Metro Riders if They Could Spare $12 Trillion to Defeat the National Debt

Washington - During the month of November, the Employment Policies Institute (EPI) is continuing its high-profile multi-million dollar “Defeat the Debt” campaign by placing ads throughout the Capitol South Metro Station in Washington, DC. In addition, 50 ads will appear in other metro stations around the region. The ads ask metro riders if they can spare $12 trillion to highlight the threat posed by unsustainable borrowing and spending by the federal government.

This campaign comes amidst reports that the Senate will soon be forced to raise the debt ceiling in the face of unprecedented deficit spending. The current debt is $11.9 trillion, dangerously close to the $12.1 trillion debt ceiling.

The Defeat the Debt campaign includes a national television commercial, which has aired on CNN, Fox News, and CNBC. EPI also launched “stage 2” of the campaign last month by placing 17 destitute Uncle Sams on the streets of Washington and New York City to beg for $12 trillion from taxpayers. The Uncle Sams will appear in Chicago next week. Additionally, EPI’s website DefeatTheDebt.com was developed in order to educate the public about the enormous federal debt.

“This campaign is all about getting people to understand the frightening reality of the massive federal debt,” said EPI Executive Director Richard Berman. “People do not realize just how much 12 trillion dollars is, and what it will take for our country to get out from under that level of debt. Americans also aren’t aware of how much money we now owe to foreign governments and just how unsustainable our current level of spending is. We have to do something to defeat the debt now, or we will live to regret it.”

WASHINGTON — Today (10/28) the Employment Policies Institute (EPI) will continue its high-profile, multi-million dollar ad campaign highlighting the threat posed by unsustainable borrowing and spending. The campaign comes amidst reports that the Senate will soon be forced to raise the debt ceiling in the face of unprecedented deficit spending. The current debt is $11.9 trillion, dangerously close to the $12.1 trillion debt ceiling. That is why EPI is stationing 17 destitute Uncle Sams across New York City today to beg for $12 trillion from taxpayers.

The campaign also includes a national television commercial, which has aired on CNN, Fox News, and CNBC. EPI has also recently launched a new website, DefeatTheDebt.com, devoted to educating the public about the enormous federal debt.

Additionally, a full-page ad is running in am New York today. The ad features a downtrodden Uncle Sam holding a sign saying, “I Want YOU to Give Me $12 Trillion.” The text of the ad reads:

The United States government owes more debt than any other nation in the world: $11.9 trillion. We spend almost $500 million on interest payments every day. Much of it to foreign banks and governments. The White House predicts that by 2019 we will spend moretax dollars for interest on the debt than for our national defense.

“This campaign is all about getting people to understand the frightening reality of the massive federal debt,” said EPI Executive Director Richard Berman. “People do not realize just how much 12 trillion dollars is, and what it will take for our country to get out from under that level of debt. Americans also aren’t aware of how much money we now owe to foreign governments and just how unsustainable our current level of spending is. We have to do something to defeat the debt now, or we will live to regret it.”

Debt-Riddled Uncle Sam is available for interviews. To schedule an interview or to get a complete list of where all the Uncle Sams will be stationed, call Allyson Funk at 202.463.7650.

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy.

WASHINGTON — Today the Employment Policies Institute (EPI) is launching “stage 2” of a high-profile, multi-million dollar ad campaign highlighting the threat posed by unsustainable borrowing and spending. The campaign comes amidst reports that the Senate will soon be forced to raise the debt ceiling in the face of unprecedented deficit spending. The current debt is $11.9 trillion, dangerously close to the $12.1 trillion debt ceiling. That is why EPI is stationing 17 destitute Uncle Sams across the city today to beg for $12 trillion from taxpayers.

The campaign also includes a national television commercial, which is currently airing on CNN, Fox News, and CNBC. The ad also ran on Meet the Press last Sunday morning. EPI also launched a new website, DefeatTheDebt.com, devoted to educating the public about the enormous federal debt.

Additionally, a full-page ad is running in the Wall Street Journal today. The ad features a downtrodden Uncle Sam holding a sign saying, “I Want YOU to Give Me $12 Trillion.” The text of the ad reads:

The United States government owes more debt than any other nation in the world: $11.9 trillion. We spend almost $500 million on interest payments every day. Much of it to foreign banks and governments. The White House predicts that by 2019 we will spend more tax dollars for interest on the debt than for our national defense.

The national television commercial begins with students standing in a classroom as if to recite the Pledge of Allegiance. Instead they say:

I pledge allegiance to America’s debt…and to the Chinese government that lends us money… And to the interest…for which we pay…compoundable…with higher taxes…and lower pay… until the day we die.

“This campaign is all about getting people to understand the frightening reality of the massive federal debt,” said EPI Executive Director Richard Berman. “People do not realize just how much 12 trillion dollars is, and what it will take for our country to get out from under that level of debt. Americans also aren’t aware of how much money we now owe to foreign governments and just how unsustainable our current level of spending is. We have to do something to defeat the debt now, or we will live to regret it.”

Debt-Riddled Uncle Sam is available for interviews. To schedule an interview or to get a complete list of where all the Uncle Sams will be stationed, call Allyson Funk at 202.463.7650.

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy. For additional information or to schedule an interview with a spokesperson call 202.463.7650.

National Commercial Features Children Pledging Allegiance to “the Chinese Government that Lends us Money”

WASHINGTON — Today the Employment Policies Institute (EPI) launched “stage 1” of a high-profile, multi-million dollar ad campaign highlighting the threat posed by unsustainable borrowing and spending. The ad blitz comes on the heels of new projections from the Office of Management and Budget (OMB) predicting over $9 trillion in deficit spending.

The campaign includes a new national television commercial, which is currently airing on Fox News, CNN, MSNBC, and CNBC. Additionally, full-page ads are running in The New York Times, USA Today, The Washington Times, The Washington Examiner, The San Francisco Chronicle, and The Las Vegas Review-Journal. The group also launched a new website, www.DefeatTheDebt.com, devoted to educating the public about the enormous federal deficit.

The newspaper advertisements will feature three different ad concepts. While two of the ad concepts will focus on putting a trillion dollars into perspective, the third concept asks “Who is John Galt?” The ad goes on to offer the following points:

• In New York City, 1% of taxpayers pay almost 50% of the city’s income taxes.
• In California, the top 1% pay nearly 47% of the state’s income taxes.
• The top 1% of American earners pay 40% of all federal income taxes.

The national television commercial begins with students standing in a classroom as if to recite the pledge of allegiance. Instead they say:

I pledge allegiance to America’s debt…and to the Chinese government that lends us money… And to the interest…for which we pay…compoundable…with higher taxes…and lower pay…until the day we die.

“This campaign is all about getting people to understand the frightening reality of the massive federal deficit,” said EPI Executive Director Richard Berman. “People do not realize just how much nine trillion dollars is and what it will take for our country to get out from under that level of debt. Americans also don’t realize how much money we now owe to foreign governments and just how unsustainable our current level of spending is. We have to do something to defeat the debt NOW, or we will live to regret it.”

The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues that affect the American economy. For additional information or to schedule an interview with a spokesperson call 202.463.7650.

In 2006 Congress was debating whether to authorize increasing the size of the national debt. A freshman senator addressed his colleagues: "The fact that we are here today to debate raising America's debt is a sign of leadership failure."

Three years later, a couple of things are different. That senator is now President Barack Obama, and the national debt is nearly 50 percent larger than before. At least one thing hasn't changed, however - in the coming weeks the Senate is expected to vote on yet another increase in the federal debt ceiling.

[Tampa Tribune]

There’s one issue that still has broad bipartisan support: At some point, Washington will have to rein in its budget deficits - hard - or the national debt will explode.

...

To dramatize the risks, another Washington think tank sent 17 men onto the capital’s streets wearing Uncle Sam suits to beg with handwritten cardboard signs pleading, “I want you to give me $12 trillion.” Federal debts currently stand at $11.9 trillion, a total that includes reserves of Social Security and Medicare trust funds as well as debt owned by the public in the US and abroad.

The Uncle Sams were part of a million-dollar-plus campaign by the Employment Policies Institute to raise awareness of the “frightening reality” of the swelling debt and the need to do something about it, explains Richard Berman, executive director of the EPI. The think tank will start advocating solutions, maybe in January, he adds. “A lot of people have their heads in the sand.”

[Christian Science Monitor]

James Bowers, dressed as Uncle Sam, asks people if they can “spare a trillion”, as they walk past him outside the front of Federal Hall, near the New York Stock Exchange, October 28, 2009. REUTERS/Chip East

[Reuters]

A new culture war is brewing over capitalism

SEVENTEEN Uncle Sams were seen begging on the streets of Washington, DC, this week. They were a sad sight, with their slightly bedraggled red, white and blue hats and their cardboard signs with the hand-scrawled plea: “I want YOU to give me $12 trillion.” It was a publicity stunt, of course, staged by DefeatTheDebt.com, a fiscally hawkish pressure group. But it captured something important about the national mood.

Unemployment is nearly in double digits. Most Americans think the economy will recover next year, but only 2% think it will make a complete recovery. And many are worried about Uncle Sam’s ongoing borrowing binge. Has all that money averted disaster and eased the pain of the recession, as Barack Obama insists? Or did it merely postpone the pain? DefeatTheDebt.com’s television commercials leave no room for doubt. A classroom full of children stand as if to recite the pledge of allegiance, but the words are different: “I pledge allegiance to America’s debt, and to the Chinese government that lends us money, and to the interest, for which we pay, compoundable, with higher taxes and lower pay, until the day we die.”

[Economist]

Panhandling Patriot: When Uncle Sam came to town on Tuesday, he looked a little down on his luck.

Dressed as a shabby Uncle Sam, J. Justin Wilson of Employment Policies Institute asks passers-by on North Capitol Street for $12 trillion to pay off the national debt.

The brim of his famous stars-and-stripes top hat was torn. His patriotic suit was dirty and filled with holes, as were his black dress shoes. Sam even carried a cardboard sign reading: “I Want You To Give Me $12 Trillion.”

[Roll Call]