By the time today’s newborns graduate from high school, entitlement spending plus interest in the United States will consume all taxes, according to a recent report from the Heritage Foundation.
Major entitlements currently comprise over 50% of the budget, and by 2033 the costs of these programs will totally eclipse the tax revenue generated by the entire country.
The problem isn’t necessarily the programs themselves. Americans have paid into Social Security and Medicare for years, and they deserve to receive back their hard-earned money. The problem is that the federal government has -- for whatever reason -- refused to manage these programs in tandem with the rest of the budget and with tax revenue. Congress seems incapable of making the tough financial decisions to keep our country fiscally secure, and they’re unlikely to begin any time soon.
Fortunately, there is a way for We the People to force their hand. An Article V Convention of States -- called by state legislatures at the request of the people -- can propose a complete package of constitutional amendments that force D.C. to be fiscally responsible. These amendments can include a balanced budget amendment, spending caps, and tax limitations.
The future of our nation -- and the future of our children -- depends on getting our national finances under control, and the best way to do it is through a Convention of States.
