Godspeed, America — our national debt crisis is serious
Sun City West reader: States should call for budget-balancing amendment, sue Congress
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Independent Newsmedia/Charlene Bisson
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Can the national debt crisis be solved? Do you have a solution? Tell us in 300 words or less at yourvalley.net/letters, or email your comments, name, address and contact number to AzOpinions@iniusa.org.
OPINION — America’s debt crisis is a real threat and I’d like to thank Mr. Savage for his recent comments. After volunteering full-time over the last 13 years and publishing a book on this topic, I can assure you that America is rapidly approaching the cliff without a plan.
The speaker of the U.S. House recently publicly stated that Congress doesn’t have the political will to fix the debt problem and suggested the states would have to sue them.
The United States nearly collapsed in the 1780s due to approaching bankruptcy as the Constitution was conceived by the states using their 170-year-old tool, the convention.
America began life in June 1788 and accepted its huge $71 million debt. That debt fluctuated at about 3% of GDP until the 1970s. Today the debt has exceeded 100% of GDP and is approaching $40 trillion with deficits over a trillion and the interest payment at just under a trillion … the largest budget item for Congress’s consideration.
A few decades ago, economists and financial folks warned us of the coming problem, but we and the politicians said, “this is America … what could go wrong?” The debt crisis clock just moved from 3 minutes to midnight to 2 minutes.
In March of this year, the Treasury quietly declared the U.S. was insolvent. Our Congress cannot raise a nickel for its budget without borrowing it.
The problem worsens. The shrinking U.S. credibility in the bond market and the falling dollar is seen by lenders as a dangerous place to be.
The solution lies with state legislative leaders to call a balanced-budget-amending convention, and attorney’s general to sue Congress for failing to allow the states to propose a solution using the prepared lawsuit.
Godspeed, America.
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Voters need to demand this problem be made a priority. But they won't. Free stuff is easier to sell and voters want it. Look the headwinds DOGE faced. So cliff here we come.
Linder
Voters need to demand this problem be made a priority. But they won't. Free stuff is easier to sell and voters want it. Look the headwinds DOGE faced. So cliff here we come.
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