The United States has deep debt; $23; trillion and interest payment may soon grow to 150 percent of GNP. In multiple decades an irresponsible Congress’ monetary policy and fiscal rules fail to constrain debt, approaching unsustainable. Candidates promote myths of printing money, government spending or taxing the wealthy as a cure.
“Print Money” theories historically fail, e.g. 1946 NAZI Germany, Venezuela, and 21st Century European countries. Hyperinflation and economic stagnation follow.
Washington Democrat /Republican Parties spending control inaction serves no Sovereign State nor citizens best interest. They promise solutions, never deliver. Debt reduction can only occur when spending growth is limited and surplus revenue is applied to debt. Sweden and Switzerland currently succeed in managing prior high-debt, reducing it to-a GPD ratio below 60 percent.
In the United States, we must reform fiscal policies and start NOW!
• Discretionary spending frozen at current levels now;
• Mandatory entitlement program spending reduced well below current levels;
• Tax code reform to boost local economies; and
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• Marginal tax rates reduction to further boost economic growth.
Citizens today recognize fiscally sensible budgeting policies and in government funding continuing resolutions aren’t present. Trust in government is eroded, confidence is at an unparalleled low.
Congress holds no real discussion regarding near-term Social Security insolvency resolution, Medicaid short-falls and State drains from its mandatory spending programs impacting State fiscal stability. Congress has no care for cash-strapped States unfunded liabilities, political corruption, NGO’s managing over actual elected government officials and ‘good old boy’ influences from the Wall Street Finance/governance revolving door.
Irresponsible economists try luring citizens to stop worrying, learn to love debt as an effective solution. Responsible fiscal legislation must reject this fantasy and reduce national debt, restoration of long-term economic growth and better Sovereign State control of its funds.
Do we need to fall from a fiscal cliff before citizens awaken to action? That action is available. An Article V Convention of States defines it. Establish fiscal sanity. Address permanent political class term limits. Control Congressional over-reach into State sovereignty. Return self-regulation to California. Go now; www.conventionofstates.com