The dire possibility of a financial collapse necessitates bold action, like calling for an Article V convention, South Carolina Rep. Ralph Norman proclaimed on Wednesday.
In a new article, Norman pointed out a staggering statistic that should give every citizen pause: $53,000 is added to the national debt—every second. This eye-watering figure, totaling nearly $1.7 trillion over the last fiscal year, spotlights an unsustainable fiscal path that demands immediate attention.
Despite the severity of this economic crisis, Norman notes the apparent disconnect among some Democrats who dismiss the notion of a spending problem. The total national debt, hovering around $34 trillion, is a flashing red signal that can no longer be ignored. Moody's recent downgrade of the U.S. government's credit outlook to "negative" further emphasizes the urgency of addressing the growing debt crisis.
The congressman contends that Congress, mired in political gridlock, is unlikely to initiate the needed fiscal reforms independently. Hence, he proposes Convention of States as a last-resort effort to force through a balanced budget amendment. He argues that the gravity of the situation demands unconventional solutions. Drawing attention to previous credit rating downgrades by Fitch Ratings and Standard & Poor’s, Norman emphasizes that the time for decisive action is long overdue.
"If there’s one thing that’s clear to me after serving in Washington for a few years, it’s that Congress is not going to do this on our own; we must be forced. That’s why a Convention of States to start pushing through a balanced budget amendment may be our only hope," he writes.
The call for a Convention of States is, in essence, a plea for a united effort to address the root cause of the nation's financial instability. Norman's argument hinges on the belief that without external pressure, Congress will likely continue to sidestep the crucial task of reducing spending and balancing the budget.
As the debate over fiscal responsibility intensifies, the $53,000-per-second reality stresses the critical need for Convention of States—an avenue that, according to Norman, might be the nation's only hope to avert a looming financial catastrophe.
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