FOR A BALANCED BUDGET CONVENTION
1. Because they balance their budgets, states do not have gigantic painful debt burdens. Cities, counties, and states all routinely balance their budgets, and so can the national government. It is common sense not to run up big deficits every year.
2. The federal government has consumed the entire Social Security Trust Fund to pay for other programs. With a balanced budget the government would not keep borrowing and spending the Social Security Trust Fund.
3. Thomas Jefferson said: "I wish it were possible to obtain a single amendment to our Constitution... I mean an additional article, taking from the federal government the power of borrowing."
4. James Madison, The Father of the Constitution, said: "A public debt is a public curse." The founding fathers never imagined how horrendous the debt would become.
5. Do you spend vastly more money than you have, intending to leave huge debts to your children? Should the federal government leave huge debts to your children?
6. The government's incessant need for credit takes away savings and capital which should finance business expansion, job creation, and housing purchases. The federal government has the mentality of an addict, and cannot stop its deficit spending.
7. The ever increasing federal debt creates financial insecurity and the potential for default and economic chaos. Other nations have experienced the misery of financial collapse due to shortsighted and irresponsible policies, like ours. If a nation deliberately wanted to ruin its economy, it would follow the path America is on now.
8. More debt means more interest to pay, and higher taxes. The deficit for fiscal year 2004 hit a record high of $413 billion. Interest (at today's low rates) cost taxpayers $322 billion in the last budget year. Interest, a debt tax, is due year after year after year.
9. Enormous federal deficits clearly prove that there are severe basic flaws in the federal budget system. Basic change is the only adequate solution. A balanced budget amendment would be an enduring positive change.
10. If 25 years ago a balanced budget amendment had been ratified after a constitutional convention, the national debt would be one-ninth of the current amount. The national debt is well over seven trillion dollars. Our financial situation keeps getting worse and worse. Congress has failed to act. Something must be done now. A constitutional convention is the only way left to control the federal debt.
This page contributed by Mark Guyer, Voters For Balanced Budgets.
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