The federal budget deficit will exceed $1 trillion this year, and the national debt as a share of the
economy will reach its highest point outside of World War II. In the coming years, debt will continue
to grow rapidly. As Federal Reserve Chairman Jerome Powell recently testified to Congress, “the federal budget is on an unsustainable path.”
The consequences of high and rising debt include slower income growth, less ability to combat the next recession, rising debt service payments, entitlement programs on the brink of insolvency, increased
burdens on future generations, and a higher risk of an eventual fiscal crisis.
While these consequences are alarming, they are hard to personalize. It is difficult to visualize the
damage debt can cause for individuals, families, and businesses around the country. The
Fiscal Fallout Contest is an opportunity for those who would be most affected by the national debt, students, to demonstrate the human consequences of debt.
The Fiscal Fallout Contest asks students to create a compelling multimedia presentation
(video, podcast, short story, song, storyboard, etc,) portraying the human and societal impact of our unsustainable fiscal situation.
Entrees could focus on any potential long-term consequences of debt – whether a spike in interest
rates, stagnant wages, or some type of fiscal crisis – the choice is theirs!
The goal is to humanize the risks and costs associated with the debt, and to win $5,000 in the process.
Who: Open to current high school, college, and graduate students
What: A contest to raise awareness about the national debt
When: Submissions due March 1, 2020
Top Prize: $5,000 (what the U.S. spends every half-second on interest on the debt). Second and
third place prizes of $1,000 and $500.
Submissions now being accepted!
More information available at:
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