The Debt Threatens Everything We’ve Built
With the U.S. national debt likely closing in on $30 trillion by the end of FY 2021 and interest rates likely on the rise in the near future, our debt-service payments will skyrocket. 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 one 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.