The $2 trillion coronavirus relief package expected to be passed today by the U.S. House of Representatives is the largest spending bill in our nation's history. It will blow up the federal budget for this year and push our country even further into debt.
The relief money appears to be necessary to get our nation through this crisis, and, hopefully, our strong economy will be able to sustain such a shock. But there's no guarantee that we'll be in a similar position during the next crisis. As Ben Weingarten explained at The Federalist, we have to learn our lessons now before it's too late.
While a society-wide shutdown certainly represents the most extreme kind of financial shock, nevertheless, the devastating impact of the Chinese coronavirus pandemic accentuates the problem of our largely debt-based economy in both the public and private spheres.
At the governmental level, the fact that we are likely to completely blow out budgets that were already so bloated as to ensure interest payments on the national debt would soon swamp all spending besides entitlements shows the extent of our profligacy and misplaced confidence we can debt-finance the U.S. government forever. There appears to be zero national will to deal with runaway spending and the runaway deficits and debt it creates.
But the reality is that in the next major crisis, we will be in an even worse financial position. What will happen if multitrillion-dollar relief bills are simply not tenable at that point?
Everyone knows U.S. government spending is unsustainable. But the fact that no one is prepared to make the case to the public that we are better off making difficult financial trade-offs now to stop calamity later — while we are doing this precise thing in dealing with the pandemic — leads to the question: Are we simply comfortable as a nation guaranteeing future financial calamity? Should the cost and extent of this crisis not cause us to revisit this issue?
This crisis should cause us to revisit our nation's out-of-control spending, but it's unlikely that Congress ever will. Congress has shown no willingness to cut spending or reduce the debt, which means that the next time around, we may not be able to save individuals and businesses from financial collapse.
That's why a Convention of States is more important now than ever. The Wuhan Virus has demonstrated that the world is one catastrophe away from near-complete shutdown. If our nation wants to weather the next storm, we have to be financially ready.
Congress won't act, but We the People will. An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments. These amendments can mandate a balanced budget while also capping spending and limiting taxation. With these clearly written mandates in place, Congress will have no choice but to cut spending, eliminate wasteful programs, and shrink the size and scope of the federal government.
Whether or not the next crisis happens in our lifetimes, we owe it to our children and grandchildren to establish a strong financial foundation. We can do exactly that with a Convention of States.
Sign the petition below to tell your state legislators that you support your state's Convention of States effort.
