Neither Republicans nor Democrats have been able to get a handle on the nation's out-of-control national debt, but our immediate future could look much different depending on the candidate who wins in November.
According to a recent analysis in Forbes, while both presidents will increase the national debt and continue our unsustainable course, Trump will deregulate and cut taxes while Biden will increase taxes and social programs.
How will the November election affect things? If Trump wins, he will continue to deregulate and cut taxes to stimulate economic growth. Trump is very much like Reagan on economic growth. If Biden wins, there will be increased regulation, higher taxation, and an increase in social programs. As government expands, it will require even more revenue and taxes will be the vehicle. However, with an already burgeoning debt, which is expected to grow substantially in the coming years, additional debt will create systemic problems which, at some point, may be impossible to escape.
The national debt is less dangerous in the short-term when our economy is strong. In prosperous times, our nation can hide the negative side-effects of a ballooning national debt, which we might be able to do in a Trump presidency.
A tax-heavy Biden presidency, according to Forbes, could exacerbate these problems more quickly. We can't tax our way into prosperity. Increased taxation is an economic headwind, and those taxes combined with the national debt could create chaos and catastrophe.
But here's the truth: no matter who wins in November, the American people lose. Whether the national debt causes fiscal collapse in our generation or our children's, we can't escape the consequences of Washington's fiscal irresponsibility by trusting in our federal officials.
We need to take matters into our own hands, and we can do it with an Article V Convention of States.
A Convention of States can propose constitutional amendments that force Congress and the president to be fiscally responsible. These amendments can mandate a balanced budget, cap taxes, and limit spending. With these amendments in place, Congress will have no choice but to make the tough spending cuts for the good of our nation, cut taxes simultaneously, and get our nation back on firm fiscal footing.
Thirty-four states are required to call such a convention, and already 15 have signed on!
To join the four million Americans who have voiced their support for the Convention of States movement, sign the petition below!