BACKGROUND AND PROPOSAL
A way to stop the borrowing binge.
The Federal Debt has gone up every year since 1957. You can view the history of Federal Debt by clicking here; Historical Federal Debt.
The Debt is now over $12 trillion dollars. There were instances in the past 52 years when a “Balanced Budget” was achieved, most recently during the Clinton administration, yet the Federal Debt continued to go up. There have been many Balanced Budget Amendments introduced, the first of which was in 1936, with no success. A simple way to control spending by our government is to establish a Federal Debt Limit.
We personally want to manage our finances in a manner that allows for unforseen circumstances and do not expect our children to pay our debt. Our government needs to operate the same way.
We need a Constitutional Amendment that puts a limit on Federal Debt that can only be increased in a National Emergency. I would define a National Emergency as an event that leads to a declaration of war and the implementation of a military draft . Then the Federal Debt Limit can be increased.
What should our government do in case of floods, earthquakes, hurricanes, etc.? Our government knows they are going to occur and needs to have a reserve to handle these emergencies. Plan ahead.
I like the following quote.
“I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.”
Thomas Jefferson, third US President, architect and author (1743-1826)