We are told we can never repay this $16-plus-trillion in debt. This is inaccurate and dangerous because it implies to John Q. Public that it doesn’t affect them. Loans to the United States are secured by bonds. These bonds mature in two, five, 10 and 20 years. As these bonds mature, the bond holder receives principal and interest. Every dime of our current $16 trillion debt will be paid in full over the next 20 years with more borrowed money. Borrowing to pay for borrowing is called insolvency.
We the people can take charge and force a solution. Debt can be stopped and the issue laid finally to rest only through the Constitution. A 28th Amendment, as follows, is necessary:
“Congress, except in time of declared war, shall convene the second Monday of January and adjourn no later than the last Friday of May, during which time a budget, in which expenditures do not exceed revenues, shall be passed into law.”
Just imagine how engaged and focused debate would be if Congress and the president were faced with a constitutionally defined time limit, and that for every dollar spent a tax on their constituents would result. From June through December each year, Capitol Hill would be left only to the tourists, and we the people would not have to endure the constant daily trauma of political shenanigans. From June to December the nightly news would report that there is no news to report from Washington.
Without a constitutional solution, there is no solution. Will anyone join with me to demand a Constitutional Convention to demand a 28th Amendment be passed?
Barry F. Cook