The national debt is out of control.
The COVID-19 pandemic has contributed to this expansion, but it's only highlighted problems that already existed. The biggest problem? Neither party cares about the future of our children and grandchildren.
You already know that Republican presidents and congresses have increased the deficit and debt, but this analysis from Forbes puts that truth in shocking relief.
This chart, for example, shows that the national debt has increased with each presidential term, no matter who sat in the White House during the term before.
Source: Forbes.com
Now look what happens when we look at the percent each administration increased the national debt. Far from being the party of fiscal responsibility, Republican administrations have, by and large, increased the debt more than their colleagues across the aisle.
Source: Forbes.com
Now, some might argue that these increases are the fault of Congress, not the president. What happens when we consider which party controlled Congress during each increase?
More of the same. Both parties oversaw massive expansions in the federal debt.
Source: Forbes.com
"Fiscally responsible" Republicans open themselves up to the accusation of hypocrisy, but the truth is, neither party is willing to get the national debt under control.
Ever since President Nixon abandoned the gold standard in 1971, the national debt has been slowly increasing -- no matter who controls Washington.
That increase began slowly, but it's been picking up speed, and there's no telling where it will take the American people.
Rather than rely on either party to fix this mess, we have a better idea: an Article V Convention of States.
A Convention of States is called and controlled by the states. It has the power to propose constitutional amendments that place the first real limits on Congress's spending since we left the gold standard.
These amendments can mandate a balanced budget, but they can also keep Congress from simply raising taxes by capping both taxes and spending. With real limitations in place, Congress will have no choice but to make the tough spending decisions for the good of future generations.
Millions of Americans have voiced their support, and 15 states have passed the Convention of States Resolution. Sign the Petition below to join the movement!
