The national debt is out of control, and our children will pay the price.
That's the conclusion analysts are drawing from the latest budget projections from the Congressional Budget Office. The CBO predicts that the debt will grow to such an astronomical amount in the coming decades, that even the interest payments on that debt will crowd out other national priorities, according to The Daily Signal:
"In the next 10 years, the federal government will begin to spend more money annually on debt service payments than it will on either Medicaid or the Disability Insurance program. Interest costs would approach the level spent on national defense."
In order to avoid this impending disaster, the federal government will do what it always does--burden the American taxpayer. In this case, that means our children and grandchildren:
Projected debt of nearly 100% of GDP should serve as a sobering warning to lawmakers. But if Congress ignores that warning, the Congressional Budget Office’s long-term projections get even more dire.
The Congressional Budget Office estimates that without reforms aimed at lowering the debt, debt held by the public will rise to a projected 180% of GDP in just 30 years. The report warns that “growing debt would dampen economic output over time” and “pose significant risks to the fiscal and economic outlook.”
This could leave lawmakers with few options other than significantly raising taxes on all Americans, meaning less opportunity and economic prosperity for future generations.
The Congressional Budget Office’s latest budget and economic outlook reiterates that the current budget path is unsustainable. There is no time to waste. Congress should act now to implement reforms that will reduce federal spending and stabilize the national debt.
If lawmakers fail to heed these warnings, all Americans will pay the price.
Lawmakers will fail to heed the warnings. We know this because they've been failing for the last two decades, and now even Republicans have abandoned the ship of fiscal responsibility.
The only way to right our course is if the people take control with an Article V Convention of States. A Convention of States is called by the states under Article V, and it has the power to propose amendments to the U.S. Constitution.
These amendments can force Congress to lower the deficit and debt without burdening the American people. How? By forcing them to cut useless and duplicative government programs that sound good on the campaign trail but fail to actually help the people they're supposed to serve. These amendments can also reduce the jurisdiction of the federal government, eliminating overreaching government agencies that control everything from education to healthcare.
Most importantly, these amendments can place real limits on taxing and spending, which will prevent Washington from simply raising taxes in order to balance the budget.
The Founders gave us a solution to congressional irresponsibility. We just have to use it before it's too late.
