The $23 trillion national debt is one of the biggest problems our nation is facing. And yet, few politicians are talking about it. Neither Republicans nor Democrats have show any willingness to tackle the deficit and debt, and our nation is sinking further and further into a fiscal hole as a result.
We aren't the first nation to find ourselves at the edge of this precipice. As Kristin Tate writes at The Hill, countries throughout history have allowed their national debt to skyrocket, and their economies have collapsed as a result.
Debt crises have a particular way of fomenting deep political and social change. Before the French Revolution, the country struggled with massive debt from spending on war, colonies, and major projects like the Palace of Versailles. As historian John Shovlin noted, “It is a truism that the French Revolution was touched off by the near bankruptcy of the state.”
During the European debt crisis in the last decade, Cyprus accepted a bailout that required its citizens to foot much of the bill. The original plan was for all private bank accounts to pay in to cover costs. In the rejected plan, accounts under 100,000 euros were to have more than 6 percent in assets seized by the state, and those accounts above 100,000 euros were to have nearly 10 percent taken. The actual deal took between 40 percent to 60 percent of assets from the accounts above 100,000 euros.
If Cyprus forced its own citizens to give up their already taxed earnings to cover that $23 billion debt bailout, imagine how our federal government would handle a debt load 1,000 times larger. The outstanding $23 trillion is one that neither political party in Washington is willing to tackle. Trump allowed for massive spending, even during healthy economic times. When the next terrible recession hits the country, the bailout package might not be for the large banks, but rather for Washington to keep functioning.
There is good news. Unlike France and Cyprus, we have the United States Constitution, which allows the people and the states to come together to fix the national debt before it's too late.
Article V of the Constitution empowers the states to call a Convention of States. At this Convention, the states can propose constitutional amendments that force Congress to balance the budget by cutting spending (not raising taxes!). These amendments can get our country back on track by reducing federal waste, fraud, and abuse, and compelling our elected officials and non-elected bureaucrats to spend our money responsibly.
Over 4 million people and 15 states have joined the movement. Will you be next? Sign the Convention of States Petition below!
