Over the past three weeks, the U.S. national debt has grown by a staggering $473 billion, according to economists. Currently, the debt stands at over $35.8 trillion, equalling $106,228 per person in America. Over $1,400 per person has been added since early October.
For reference, at the time of PragerU’s 2016 video about Convention of States, the national debt stood at $20 trillion. At the time of Ronald Reagan’s 1985 address on the federal budget and deficit reduction, it totaled $1.7 trillion.
As Reagan pointed out in his speech, “A single billion is 1,000 millions. A trillion is a million millions.”
“The simple truth,” Reagan said, “is: No matter how hard you work, no matter how strong this economy grows, no matter how much more tax money comes to Washington, it won’t amount to a hill of beans if government won’t curb its endless appetite to spend. Overspending is the subject we must now address — how budgets got so far out of balance and, yes, what together we can and must do to correct this.”
Unfortunately, we never took Reagan’s advice seriously. Far from curbing its endless appetite, the federal government has loosened its belt, even as Americans have been forced to tighten theirs.
SEE ALSO: Small team, big heart
One day, somebody — probably our children or grandchildren — will have to make an impossible choice: either pay off the national debt or face national insolvency.
Paying off the debt may feel like an impossibility. As Convention of States reported earlier this year, not even the combined net worths of Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, each of whom are worth billions, could cover a single interest payment on the debt.
And yet, for the sake of future generations, we must begin to do something. We cannot afford to sit on the sidelines and watch as reckless politicians bankrupt our children.
We each have a responsibility to wage war on the federal debt before it enslaves us all. We must not wait for Congress or the president to do the job. We need an Article V convention.
To support the grassroots-led Article V movement to impose fiscal responsibility, term limits, and other restraints on the federal government, sign the Convention of States petition below!
Your kids are in trouble. National debt SKYROCKETS over three weeks.
Published in Blog on October 24, 2024 by Jakob Fay