The Debt Threatens Everything We’ve Built
The U.S. national debt ($22 trillion) is 6.5 times federal revenue ($3.3 trillion)—a serious imbalance that cost us $523 billion (16% of federal revenue) in 2018 at a mere 2.4%. As interest rates and principal rise, interest will soar to $1 trillion/yr. (33% of federal revenue), eclipsing the cost of Defense and Social Security. We cannot survive that way long-term—especially when we plan to borrow another trillion/yr. into the future.
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.