Wednesday, August 31, 2011

Congressman Flake: So Just How Broke Are We?

So Just How Broke Are We?

Mesa, Arizona - Republican Congressman Jeff Flake, who represents Arizona’s Sixth District, today illustrated the size and scope of the growing national debt.

Last week, Apple, Inc. CEO Steve Jobs resigned his position at the helm of the second most valuable company in the world, according to Newsweek.

In the four years since its debut, Apple has sold more than 100 million iPhones – one of the flagship Apple products Jobs helped to shepherd from infancy to success. At about $200 each, the U.S. is so broke that our $14.4 trillion debt could buy 72 billion iPhones.

“It’s time to tell members of Congress to do their ‘Jobs’ and find ways to start eliminating our debt now,” said Flake.

Along with Senators McCain and Rubio, Congressman Flake introduced H.R. 634, the Debt Buy-Down Act, which allows taxpayers to designate up to 10 percent of their federal income tax liability to reduce the national debt. The bill then requires Congress to reduce federal spending by that amount. More information on the Debt Buy-Down Act can be found here.


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