Our country has crossed yet another troubling milestone: for the first time in history, the United States is $30 trillion in debt.
Since the end of 2019, our "leaders" in D.C. added about $7 trillion to the debt in their misguided attempt to keep the economy afloat during the COVID-19 pandemic. Now, the little money Americans received from the government has been all but eaten up by inflation, and our economy is struggling to provide even the most basic necessities.
Despite what the talking heads on cable news may tell you, our current levels of national debt are unsustainable. Interest costs alone are projected to surpass $5 trillion over the next 10 years and will amount to nearly half of all federal revenue by 2051.
As we've covered before, if the value of the dollar drops and we're no longer able to borrow as much money, our economy will collapse and we'll be forced to introduce austerity measures.
Those measures, most likely, will fall on the shoulders of our children and grandchildren. The debt per citizen currently stands at $90,000. The debt per household is up to $239,000. If we don't do something, future generations will be forced to pay for this generation's reckless spending.
It didn't used to be this way. In 1980, the debt-to-GDP ratio was only 34%. That's still too high, but it doesn't compare to today's figure. In 2022, that ratio has climbed to a whopping 128%.
Politicians from both parties have refused to address the coming fiscal cliff. Republicans and Democrats spend untold amounts of our hard-earned money every year, and there's no sign of slowing down. The Tea Party movement that was supposed to impose fiscal reform on Washington failed to garner the needed support in Congress, and now many of those Tea Party politicians support the same levels of spending as their colleagues.
Clearly, we need a better solution -- and we've found one in Article V of the Constitution.
An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments. These amendments can limit federal power, so Washington will no longer be allowed to spend money on topics ranging from healthcare to education to the environment.
Amendments can also impose direct fiscal reforms on Congress. Amendments can require Congress to balance the budget without raising taxes. Amendments can compel Congress to cut useless and duplicative spending.
Best of all, amendments can force our elected representatives to do the hard work of getting our nation back on a firm financial footing. This is hard, unpopular work, and it may cost some representatives their seats. But the work must be done, and only a Convention of States can force them to do it.
To join the movement and get involved, sign the petition below!
