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.