The Convention of States movement is a crucial effort to limit the federal government’s powers, enforce fiscal discipline, and set term limits for federal officials. Today, it’s one of the most important political causes.
In America’s financial troubles, our elected leaders often make the crisis worse. An Article V convention would allow the states to meet and discuss amendments to control Congress’s profligate spending once and for all. In this series, we’ll look at 34 reasons (one for each state required to call a convention) why we urgently need constitutional reform, starting with the government’s clear lack of fiscal responsibility.
While there are (sadly) thousands, if not millions, of reasons why we need a convention, let’s begin with only 11 (we wouldn't want to depress you too much!) In future installments, we'll dive into the remaining 34.
1. Despite serving as the world’s reserve currency, the U.S. dollar has reportedly lost 98 percent of its purchasing power since 1971.
2. Grocery prices have increased by a staggering 25 percent since COVID-19 hit, while overall inflation rates climbed to nearly 20 percent, reaching a 40-year monthly high in June 2022.
3. The U.S. Senate Joint Economic Committee discovered that the average U.S. household must make an additional $11,434 annually to purchase the same goods and services it enjoyed in January 2021.
4. The average American pays $14,000 each year in federal income taxes.
5. Collectively, Americans shell out a staggering $104 billion each year on tax preparation. Meanwhile, TurboTax, a leading tax filing company, actively lobbies to maintain the unnecessary complexity of the U.S. tax code.
6. Our federal debt has surged past $34 trillion.
7. Recent predictions show that the U.S. is on pace to add $22 trillion to the debt within ten years, bringing the total to over $56 trillion.
8. The combined net worths of America’s richest men, including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, could not cover a single interest payment on the U.S. federal debt, let alone chip away at the debt itself.
9. Every American owes over $102,000 on the debt, a figure set to escalate as the national debt continues to rise.
10. Social Security is projected to exhaust its retirement trust fund within the next ten years; Medicare may run out as soon as 2031.
11. According to the Government Accountability Office, the federal government lost $236 billion in “improper payments,” which “should not have been made or were made in the incorrect amount,” in 2023 alone.
Each of these reasons alone warrants calling a convention. Together, they paint a troubling picture of a nation teetering on the edge of financial ruin. We must act now to secure an economic future for our children.
Sign the Convention of States petition below to support our efforts, and be on the lookout for part two of this series, in which we will delve deeper into the 34 reasons we need an Article V convention... NOW.
34 Reasons We Need Convention of States… NOW
Published in Blog on June 20, 2024 by Jakob Fay
