"Populist Policy" org. addresses US debt crisis, calls for a balanced budget amendment

[johnwk]

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SEE: Tackling the National Debt: A Call for Fiscal Responsibility


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In the article we find:


10. Engage Congress to Pass Budgetary Reforms


While executive branch actions are critical, Congress plays a key role in addressing the national debt. The President should:


• Advocate for a Balanced Budget Amendment: Work with Congress to propose a constitutional amendment requiring balanced federal budgets.


The current national debt (not including unfunded debt liabilities) is $ 36 TRILLION, which now draws over $1 TRILLION in annual interest payments taken from the U.S. taxpayer's federal treasury. Seems abundantly clear there is an enormous annual profit to be realized by those who invest in Congress’s irresponsible spending, which leads to Congress’s borrowing.


America's taxpayers have been made into taxed slaves to those who thrive by investing in Congress's reckless borrowing. So, when do the people call upon the President to advocate for an effective balanced budget amendment which essentially stops Congress from adding to the national debt year after year?

JWK

“The borrower is a slave to the lender and the debtor to the creditor.” Benjamin Franklin

[johnwk]

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The calls for DOGE to recommend a balanced budget amendment being added to our Constitution are becoming louder as each day passes. See: For models of efficiency, Musk and DOGE should ignore DC and look to the states


"For the long term, it is also time to reconsider the need for a Balanced Budget Amendment. A Balanced Budget Amendment isn’t just a good idea — it’s essential for national survival. It’s a compact with the American people, signaling that Washington will finally operate under the same fiscal constraints as every household."



I fully agree with Chris Sununu and the need for a BBA. I also believe the Fair Share Balanced Budget Amendment, which is our Founder’s thinking, is based upon fundamental principles which do not change with the passage of time, and it meets the necessary criteria for a rule of law structural mechanism to end Congress’s love affair with adding to our national debt year after year.


See the Ratification of the Constitution by the State of Massachusetts; February 6, 1788:

”Fourthly, That Congress do not lay direct Taxes but when the Monies arising from the Impost & Excise are insufficient for the publick exigencies nor then until Congress shall have first made a requisition upon the States to assess levy & pay their respective proportions of such Requisition agreeably to the Census fixed in the said Constitution; in such way & manner as the Legislature of the States shall think best, & in such case if any State shall neglect or refuse to pay its proportion pursuant to such requisition then Congress may assess & levy such State’s proportion together with interest thereon at the rate of Six per cent per annum from the time of payment prescribed in such requisition…”

[johnwk]

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See: House Republicans face massive debt problem

Jan 12, 2025

"As Republicans now weigh their approach to a reconciliation package, some lawmakers said budget neutrality is preferable, but suggested GOP leaders might ultimately revert to the old model of downplaying deficit concerns for the sake of adopting highly sought legislation.

“I don’t know how serious we’re going to be about it,” said Rep. Keith Self (R-Texas), a member of the conservative House Freedom Caucus."

We are near the point of no return and our Republican Leadership seems to ignore the massive US Debt problem.

Does this not prove a balanced budget amendment is the only hope to force Congress to stop adding to our national debt?


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JWK

"In matters of power let no more be heard of confidence in men, but bind him down from mischief by the chains of the Constitution. ... Thomas Jefferson’s Fair Copy of the Kentucky Resolutions of 1798

[johnwk]

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See Here's why economists are so worried about soaring US debt levels

Apr 20, 2024

"The mountain of debt is a breeding ground for economic problems, including higher inflation, lower quality of life, and — in the worst-case scenario — a destabilization of the wider financial system, according to Les Rubin, a markets veteran who has called the US debt situation one of the "greatest Ponzi schemes" in the world."

The writing is on the wall as investors pull out of long-term US bond market.

See: US debt reckoning escalates sharply as top bond buyer pulls back from long-term Treasuries

December 14, 2024

"Pimco said it's reducing exposure to long-term U.S. bonds amid concerns about soaring federal deficits and debt. Instead, it favors shorter-term bonds, some overseas issuers, and corporate debt."

JWK

We are here today and gone tomorrow, but what is most important is what we do in-between and is what our children will inherit and remember us by.

[Madison320]

They already have something to balance the budget. it's called the debt ceiling. An Trump want's to get rid of it.

[johnwk]

They already have something to balance the budget. it's called the debt ceiling. An Trump want's to get rid of it.

And why is that?

"Trump said he wanted to raise or eliminate the limit on how much the federal government can borrow. Doing so now would mean the much-debated move would happen on President Joe Biden's watch and be resolved before Trump takes office, when he'll want to implement his agenda without a fight over borrowing limits." See: Why Trump is pushing hard to defuse the debt ceiling now and what it would mean for America

The previous Administration has plundered, not only our federal treasury for its inside crowd's financial benefit but has borrowed additional $BILLIONS which were then also plundered to fatten the fortunes of their campaign donors.

One of their biggest money laundering operations used to plunder were non-government agencies asserted to resettle illegal entrant foreign nationals.

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[Madison320]

And why is that?

"Trump said he wanted to raise or eliminate the limit on how much the federal government can borrow. Doing so now would mean the much-debated move would happen on President Joe Biden's watch and be resolved before Trump takes office, when he'll want to implement his agenda without a fight over borrowing limits." See: Why Trump is pushing hard to defuse the debt ceiling now and what it would mean for America

The previous Administration has plundered, not only our federal treasury for its inside crowd's financial benefit but has borrowed additional $BILLIONS which were then also plundered to fatten the fortunes of their campaign donors.

One of their biggest money laundering operations used to plunder were non-government agencies asserted to resettle illegal entrant foreign nationals.

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I would assume trump wants to end the debt ceiling so he can borrow more money.

You're not insinuating that trump is better than any other president when it comes to spending are you?