TEN REASONS FOR A BALANCED BUDGET

1.

Because they are required to balance their budgets, states do not have gigantic painful debt burdens. Cities, counties, and states all routinely balance their budgets, and so can the national government.

2.

The ever increasing federal debt creates financial insecurity with the potential for default and economic disaster. Shortsighted and irresponsible policies, like those in Washington, have pushed other countries into financial collapse.

3.

What would you think of someone who spent vastly more money than he had, with the intention of leaving huge debts for his children? Should the government spend vastly more money than it has, with the intention of leaving huge debts for your children?

4.

More debt means more interest to pay, and higher taxes. You are already paying for the national debt, and will pay much more dearly when government financial default leads to the next Great Depression.

5.

The federal government has consumed the entire Social Security Trust Fund to pay for other programs. With a balanced budget the government would not need to keep borrowing and spending Social Security funds.

6.

James Madison, the Father of the Constitution, said, “A public debt is a public curse.” The founding fathers never imagined how horrendous the debt would become.

7.

The government's incessant need for credit takes away savings and capital which should finance business expansion, productivity, job creation, and housing purchases. Washington politicians have the mentality of an addict, and cannot stop their deficit spending.

8.

Enormous federal deficits clearly prove there are fundamental flaws in the federal budget system. Fundamental change is the only adequate solution.

9.

Thomas Jefferson said: "To preserve our independence, we must not let our rulers load us with perpetual debt. I wish it were possible to obtain a single amendment to our Constitution... an additional article, taking from the federal government the power of borrowing."

10.

If a balanced budget amendment had been adopted 40 years ago, the total national debt would be 5% of what it is now. Our financial situation keeps getting worse and worse. Something must be done. Sending a few new politicians to Washington did not change things. An amending convention is the only way left to permanently control our federal debt.

 

 

IN THEIR WORDS:

"Our country is broke. It's not broke in 75 years or 50 years or 10 years. It's broke today. Indeed, it may well be in worse fiscal shape than any developed country, including Greece." Dr. Lawrence Kotlikoff, economics professor  

"Our current fiscal policy results in mortgaging our nation's future without investing in it, leaving our children, grandchildren and future generations to suffer the consequences. This is irresponsible, unethical, and immoral." American Institute of Certified Public Accountants

President Abraham Lincoln stated that the American people have the right to amend the Constitution when they choose, and continued, "I will venture to add that to me the convention mode seems preferable, in that it allows amendments to originate with the people themselves." 

In circumstances like ours in this country today, political leaders "respond by concentrating political power, increasing public spending and eventually taking on an unbearable burden of debt that brings down the entire system." Glenn Hubbard and Tim Kane in Balance: The Economics of Great Powers From Ancient Rome to Modern America

"If something cannot go on forever, it will stop." Dr. Herbert Stein, past chairman of the President's Council of Economic Advisers

"I cannot sit idly by as my grandchildren's future is bankrupted by an irresponsible, unaccountable and unrestrained government that was originally - and brilliantly - designed to protect their liberty." former U.S. Senator Tom Coburn

"You're not really projecting power from bankruptcy court." Senator Rand Paul on defense spending and the nation's debt 

"There is no such thing as government money- only taxpayer's money." former Massachusetts Governor William Weld

President James Madison stated that Article V enables "the state governments to originate the amendment of errors as they may be pointed out by the experience on one side or the other."

U.S. Representative Paul Ryan says that our present spending trajectory is "catastrophic."

"If we don't come together, we face the most predictable economic crisis in history." Erskine Bowles, Democratic former White House Chief of Staff, commenting on the national debt 

"The most serious threat to the United States is our own fiscal irresponsibility." David Walker, former Comptroller General of the U.S.