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202-285-0244

CF&P  Press Release, May 10, 2010

Center for Freedom and Prosperity Foundation

For Immediate Release
Monday, May 10, 2010
202-285-0244
www.freedomandprosperity.org

New CF&P "Economics 101" Video Discusses
Deficits, Debt and Unfunded Liabilities

(Washington, D.C., Monday, May 10, 2010) In the latest "Economics 101" video released today by the Center for Freedom and Prosperity Foundation (CF&P), Kelly McDonough, a student at American University, explains that unfunded liabilities are America's biggest red-ink problem, dwarfing the official national debt.  This mini-documentary, entitled Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending, examines how long-term spending obligations for entitlement programs threaten to cause a Greek-style fiscal crisis in America.


Links to the video: YouTube | Yahoo | Capitol Hub

"America is on a path to become a failed, European-style welfare state," said CF&P Foundation President Andrew Quinlan. "This new video shows that tax-and-transfer entitlement schemes will dramatically increase the burden of government spending and debt."

"Deficit spending today is a problem, but the unfunded liabilities of entitlement programs are America's real fiscal threat," added Dan Mitchell, Cato Institute Senior Fellow and Chairman of CF&P.  "And the only solution is restraining overall spending and reforming Social Security and Medicare."

Executive Summary:

    Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are America's real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending.
     

This new video is part of CF&P's Economics 101 video series, which is designed to explain free market concepts, with particular emphasis on reaching students and young people. This is the sixth video in the Economics 101 series. See below for links to all videos.

Links to other Economics 101 Videos:
http://www.freedomandprosperity.org/econ101/econ101.shtml

CF&P Foundation has also released more than three-dozen mini-documentaries since 2007. These videos include Tax Competition Primer, VAT-Hidden Tax, Global Flat Tax Revolution, Cutting the U.S. Corporate Income Tax, Promoting Prosperity, Obama's So-Called Stimulus, Obama's Deferral Proposal, Case Against Class-Warfare Tax Policy, President Obama's Dishonest Demagoguery on Tax Havens, a three part series on the Benefits of Tax Havens and a another three-part series on the Laffer Curve.
Link: http://www.freedomandprosperity.org/videos/videos.shtml

Web Links:

For additional comments:
Andrew Quinlan can be reached at 202-285-0244, andy@freedomandprosperity.org
Dan Mitchell can be reached at 202-218-4615, dmitchell@cato.org

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