The Debt Threatens Everything We’ve Built
The U.S. national debt ($24.6 trillion) is now 7 times federal revenue ($3.6 trillion)—a serious imbalance that will cost us over $600 billion (16.5% of federal revenue) in 2020. We’ve already seen a $1 trillion spike in the 2020 deficit in just the last month as the Corona-virus stimulus starts to add up. It is hard to calculate where we will be at the end of the year, but the one thing we can say for certain is that it will be on for the record books.
The States Must Target the Debt Via Convention
The root cause of the problem was best explained by the U.S. Senate Judiciary Committee when it concluded, “the many statutory constraints enacted over the years to control spending failed because no Congress can bind a succeeding Congress by simple statute.” Therefore, only a balanced budget amendment (BBA) will do. Given Congress’ 75-year failure to propose a BBA, the states must do so by calling an Article V convention.