The national debt is our nation's biggest problem that no one is willing to talk about -- much less do anything to solve.
The Wall Street Journal reported this week that the United States’ debt will cost us more in the near future than our own national defense.
The Congressional Budget Office estimates interest spending will rise to $915 billion by 2028, or 13% of all outlays and 3.1% of gross domestic product. Along that path, the government is expected to pass the following milestones: It will spend more on interest than it spends on Medicaid in 2020; more in 2023 than it spends on national defense; and more in 2025 than it spends on all nondefense discretionary programs combined, from funding for national parks to scientific research, to health care and education, to the court system and infrastructure, according to the CBO.
The problem? Convention of States endorser Ben Shapiro points out that, "thanks to the weakness of the global economy in the aftermath of the 2007-2008 financial crisis," our appetite for American debt "shielded us from the fallout from our $20 trillion debt – but that could soon be ending. When it does, there will be fiscal hell to pay."
Now, some commentators have been sanguine about the possibility of such debt. They say that a little fiscal handiwork will do the trick – simply cut the budget a little, revert to strong economic growth, and the rest will be fine. But that’s ignoring the structural problem of our debt, which is far more ruinous than it was in 1991. We can only stave off serious restructuring for so long.
But there’s no political benefit to staving off the debt for either side. Republicans lose ground when they talk about restructuring entitlements; Democrats want to expand entitlements. The American public is simply unready to talk about doing what we must in order to ensure America’s continued economic growth and strength, particularly at a time when our population is rapidly aging. That’s why Speaker of the House Paul Ryan (R-WI) will leave Congress with his chief political ambition, entitlement reform, unfulfilled.
What will the consequences be? The continued Europeanization of American politics, as taxes and spending inevitably rise in tandem. The only difference between the parties will be Republican calls for austerity measures at the margins, and Democratic calls for massively higher taxes and higher spending.
We’ve been playing a pyramid game. In the next decade, that pyramid is going to cave in on us.
The solution? An Article V Convention of States.
A Convention of States can propose constitutional amendments that force Congress to get our nation's finances under control. These amendments can include a balanced budget amendment, along with spending and tax caps.
Our congressional leaders won't sacrifice their political careers for the good of our children and grandchildren. Fortunately, the Founders gave us a tool to force their hand, and millions have joined the nationwide movement.
