Over the last year, a number of threats have emerged to challenge our nation. From terror attacks at home and abroad to the re-emergence of Russia as a threat to a $20 trillion national debt spiraling out of control, we are a nation in turmoil. Each threat presents unique challenges; however, one stands as the greatest threat of all because it will intensify all the others if we do not deal with it decisively. That threat is the staggering national debt.
Out-of-control spending in Washington is burdening each American with large and growing levels of public debt. At birth, every child in this country starts life with a $42,000 share of publicly held federal debt.
Do not be deceived when anyone minimizes the debt by discussing our deficit. The deficit is the difference between what the U.S. Government takes in from taxes and other revenues (receipts) and the amount it spends (outlays).
Just keep in mind that the deficit covers only one year while debt equals ALL money owed. I am referring to the national debt -- all money owed by our federal government.
Former U.S. Comptroller General David Walker cautioned: “I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility.”
Today, America is $19.7 trillion in debt; six times the $3.3 trillion annual tax revenue. It is difficult for most of us understand how shocking this is. If 19 trillion $1 bills were stacked, they would reach 1,348,941 miles into space. Laid end-to-end, they would circle the earth more than 54 times. Or you could compare it to someone who makes $32,000 a year while owing $190,000 in credit card debt. Their best option would be to declare bankruptcy. The same applies to the United States.
The verdict is in: Washington is severely addicted to debt. When traditional lenders couldn’t loan us enough, Washington started looting the trust funds. When interest got too high, Washington tampered with interest rates. When lower interest rates turned off traditional lenders, Washington started printing currency. And that is where we find ourselves today --governed by politicians who have borrowed us and our country to the brink of national bankruptcy.
Abraham Lincoln wrote: “If destruction be our lot, we ourselves must be its author and finisher.” He was right. We are unrivaled militarily. So if destruction be our lot, it will be because we have allowed Washington to destroy us with debt; something it is about to do in stunning fashion.
Fortunately, our founding fathers knew a day like this might dawn. So they gave the states absolute power over Washington via unilateral authority to amend our Constitution. They did this through Article V, which clearly outlines this “gift.” Thirty-four states (two-thirds) must call for a convention to propose an amendment and thirty-eight states (three-quarters) must ratify it.
The only way to stop Washington from bankrupting America is for state legislatures to use this authority to enact a balanced budget amendment (BBA).
Thomas Jefferson was the first to publicly call for a BBA when he wrote, “I wish it were possible to obtain a single amendment...taking from the Federal Government the power of borrowing.” Ronald Reagan and Milton Friedman started the ball rolling in this effort. Reagan stated: “I know we here today, and a majority of the American people, agree on one point: We’re not saying we have a terrible problem and Government must find a solution. We’re saying Government is the problem and the people have the solution—a constitutional amendment making balanced budgets the law of this land.”
Currently, legislatures in 28 states have passed the Balanced Budget Amendment Initiative. During the 2017 legislative session, Wyoming will have an opportunity to join these states and others to reach the 34 needed to call for a convention. There are ample guidelines provided in Article V to assure that the Balanced Budget issue will be the only issue considered at this convention.
Politicians will come and go, but a balanced budget amendment - just like the 1st, 2nd, 4th and 10th amendments - will remain to protect all of us and future generations. What a gift to leave our children and grandchildren. If it were 1790 and you could support the campaign for the 1st amendment, would you? How about the 2nd amendment? And if it were 1918 and you could support the campaign for the 19th amendment, would you? The campaign for a balanced budget amendment is just as important because it will prevent Congress from bankrupting America, now and in the years ahead, thereby preserving our way of life, now and in the future.
If we don’t act now, Washington will destroy the greatest nation the world has ever known, a grand Republic our Founders forged into being -- risking their lives, their fortunes and their sacred honor. When Ronald Reagan asked the American people to support the balanced budget amendment campaign he asked, “If not now, when? If not us, who?” He was speaking directly to each one of us.
We have come to that harrowing moment in history when we have the chance to become legends. The action taken now will determine whether we will restore and preserve our greatness. Years from now, when the history books are written, what will they say?
Join me in urging every citizen, every Wyoming House member, every Wyoming senator, to use his or her influence and collective vote to pass the Balanced Budget Amendment Initiative with resolve to save our nation from bankruptcy.
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