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(New York, New York) - Warning that the devastating impact of a multi-trillion dollar debt increase now being created by the Biden budget will fall squarely on the shoulders of a generation of Americans blithely unaware of the fate that awaits them, philanthropist, national real estate investor, and Gatestone Institute Board member Lawrence Kadish and the Gatestone Institute have launched a $100,000 national educational essay contest that challenges young students to share their understanding of the looming Biden debt, the role of Treasury Secretary Janet Yellen, and how their generation intends to pay down their share of the deficit.
Entitled, "The Gatestone Institute's Student Contest on America's National Debt," selected essay winners will be provided with up to $10,000 cash, (if there are ten winners at $10,000 each), or as provided for in the rules of the contest, determined by a panel of judges selected by Gatestone, and chaired by Larry Kudlow, former Director of the National Economic Council.
Inalienable rights do not include pork barrel spending
Mr. Kudlow said:
"We were endowed by our Creator with the inalienable rights of life, liberty and the pursuit of happiness. We were not endowed by the Federal Government. We were not endowed by entitlements. We were not endowed by pork barrel spending; we were not endowed by budgetary earmarks, and we were not endowed by confiscatory taxes."
Mr. Kadish stated:
"Economists warn that by the time many of these students are pursuing careers in a decade ahead, our nation's gross federal debt is projected to be some $40 trillion. That is a staggering number -- to the point where it can trigger the collapse of our nation as a world power as history has demonstrated time and again for countries whose leaders raced to embrace unsustainable debt.
"What we want to know: is the next American generation aware of the threat or, for that matter, the reason why many of us today are sounding the alarm before these young people are even remotely responsible for paying down that debt?"
In addition to providing a personal perspective on the current deficit debate, the essay contest seeks to establish students' understanding of the terms that are masking the coming crisis including "monetizing the debt," "quantitative easing," "reserve requirements, "open market operations," and "hyperinflation."
Recognizing the threat
Are we financing China's War Machine instead of having a policy of Made in America? Should we be an export nation? Should we be energy independent? Should we broaden the business base? This essay contest is looking for the youngster who recognizes the deficit as the mortal threat it is. Kadish explains:
"Our nation's pending economic collapse requires a Next Gen activist who not only recognizes the existential economic threat to our nation but will demand accountability from Yellen, Biden, and Congress who will saddle them, and generations of Americans to come with crushing debt."
The scholarship sponsor has long warned that unsustainable debt has historically destroyed nation states. He has previously written:
"In stark but simple terms, Americans need to be made aware of this financial crisis and demand accountability. One aftershock of this kind of fiscal policy is Interest rates and resulting interest costs will soar. Our entire economy will be subverted for the sole purpose of paying down our national debt. That will have the effect of destroying our society as effectively as a neutron bomb where the buildings are left standing but the nation is destitute."
The economic future has been written in the past
In underwriting the essay program, the contest challenges students to embrace the lessons of the last hundred years where economic instability, as in Russia, Cuba and Venezuela, has led to the collapse of powerful nations, sparking wars, fomenting revolution, and leading to tens of millions of dead.
"We are heading for what future historians will call 'The Biden Bust.' Unsustainable debt has the means to destroy our nation with the same devastating shock of a surprise nuclear attack. The nation with the strongest economy will be the country that directs the future of the 21st Century."
This unprecedented scholarship initiative challenges America's young people to find their voice and demands a rational Washington budget that protects the nation's future as well as their own as citizens of a vibrant, dynamic, and solvent democracy.
Rules and criteria:
This essay contest is open to entrants between 16 and 21. Those between 16 and 18 of age must have a parent or legal guardian's permission to enter the competition and that written approval should accompany the submission. Students older than 21 years of age are not eligible. Essays should be at least 1,000 words but should not exceed 1,250 words (word count does not apply to the list of sources cited by the author). They need to be emailed in the form of a PDF file.
The judging panel will value original insights and clear, cogent writing. Submissions will be judged on the quality of a student's analysis, quality of research and originality of thought. The essay must be written in English and be type written in 12 point type. Essays must be received by midnight January 31, 2022. Winners will be notified by email.
Full details on rules and contest criteria are at gatestonecontest.org when submitting the essay.
The Gatestone Institute
Gatestone Institute is a non-partisan, not-for-profit international policy council dedicated to educating the public about democracy and the Rule of Law; Human Rights; a free and strong economy, a strong military ensuring peace at home and in the free world; energy independence; and adherence to our individual liberty, sovereignty and free speech.