Fiscal insanity continues to reign in the District of Columbia. Congress steadfastly refuses to budget for the nation. It continues to authorize spending while refusing to acknowledge responsibility for repayment. There are no signs of a return to fiscal sanity in sight. A new report from the Congressional Budget Office (CBO) indicates that the U.S. Treasury will borrow a $1 trillion for a second year in a row to finance more deficit spending.
The fiscal 2018 U.S. budget gap hit a six-year high of about $780 billion. The Congressional Budget Office forecasts it will reach $973 billion in 2019. The deficit growth is projected to top $1 trillion the next year. Over the next decade, the U.S. government will spend about $7 trillion for debt service alone. That is money not available for future programs beneficial to the nation.
That means we are going to be spending more to service the debt than to defend the nation. Danger, Will Robinson; Danger. This is nothing short of irresponsible. We have spent our children’s inheritance and we are working on that of our grandchildren. Every republic in history has failed for one simple reason: money problems. If we don’t act to balance the budget and pay down the debt, our country is doomed to repeat that mistake.
The good news is that the Founders predicted this might happen. They left us a solution in Article V of the U.S. Constitution. When the government refuses to act responsibly, we the people can call a Convention of States to amend the Constitution. We can adopt a balanced budget amendment while prohibiting Congress from raising taxes.
This action forces Congress to make the tough financial decisions. Ones they will never make on their own. They can cap spending. Congress can limit the types of things on which Congress can use taxpayer dollars. The situation is dire, but we have a solution. Isn’t it time we use it?