I write this with one goal in mind – to scare the living daylights out of you.
No, I’m not talking about terrorism. Or climate change. Or mass shootings. Or our dysfunctional government in Washington, D.C. They’re all bad and seemingly getting worse by the day.
Congress is about to enact a sweeping tax cut package that is conservatively estimated to add $1 trillion to the national debt over the next 10 years. Right now that debt is just over $20 trillion and climbing. In the time it takes you to finish this column, it will have grown by about $3 million (roughly $500,000 per minute).
There are brave voices crying in the wilderness. Maybe the bravest is Pete Peterson, a former U.S. secretary of commerce who made a fortune in the investment world and then plowed his largesse into a foundation dedicated to sounding the alarm bells on our growing fiscal and financial crisis. Go to pgpf.org to find out more about the foundation’s work.
Peterson also was the founding president of another nonpartisan watchdog group, the Concord Coalition. He joined the late senators Paul Tsongas (a Democrat) and Warren Rudman (a Republican), co-chairs, in launching the organization in 1992 under the National Debt Clock in New York City (pictured above).