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U.S. Rep. Warns of Financial Collapse with $53,000-Per-Second Borrowing, Calls for COS

Published in Blog on November 15, 2023 by Brianna Kraemer

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. 

SEE ALSO: House committee fails to pass term limits resolution, sparking calls for Convention of States

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.

Let your legislators know that you support the Convention of States movement by adding your name to the petition below. 

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Almost everyone knows that our federal government is on a dangerous course. The unsustainable debt combined with crushing regulations on states and businesses is a recipe for disaster.

What is less known is that the Founders gave state legislatures the power to act as a final check on abuses of power by Washington, DC. Article V of the U.S. Constitution authorizes the state legislatures to call a convention to proposing needed amendments to the Constitution. This process does not require the consent of the federal government in Washington DC.

I support Convention of States; a national movement to call a convention under Article V of the United States Constitution, restricted to proposing amendments that will impose fiscal restraints on the federal government, limit its power and jurisdiction, and impose term limits on its officials and members of Congress.

I want our state to be one of the necessary 34 states to pass a resolution calling for this kind of an Article V convention. You can find a copy of the model resolution and the Article V Pocket Guide (which explains the process and answers many questions) here:

I ask that you support Convention of States and consider becoming a co-sponsor. Please respond to my request by informing the national COS team of your position, or sending them any questions you may have: or (540) 441-7227.

Thank you so much for your service to the people of our district.

Respectfully, [Your Name]

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