A “Debt Death Spiral” is a Scary Possibility.
By Tom Llewellyn – October 31, 2023
America is doomed if we expect Congress to fix this.
- Congress has proven itself incapable of making the hard fiscal decisions necessary to.
- Fully aware that massive deficits are dangerous and unsustainable, Congress is incapable of breaking their spending addiction. Any momentary wave of statutory reforms, are invariably reversed by subsequent Congresses.
- History shows that it is almost impossible for a government to stop the accelerating destructive effects of massive deficit spending. Like a house-of-cards, the “tipping point” arrives suddenly, without warning. Unfortunately, it is too late to avoid the dire consequences of economic turmoil, widespread shortages, civil unrest, and devastating hardship.
Use of Article V by the States –
The only way forward.
But the U.S. Constitution provides an optional path that most other nations do not, Article V. This critical provision allows the States to gather and propose amendments without the interference of Congress. A Fiscal Responsibility Amendment, once ratified by ¾ of the States, would permanently establish meaningful spending constraints.
With a simple-majority vote, Congress can Call the Article V Convention of State legislatures to gather and propose a comprehensive fiscal responsibility amendment. This is possible because the States have already achieved the 2/3 threshold required under Article V sufficient to Call the convention to propose amendments.
Congressman Jodey Arrington has sponsored HCR24 which would (with a simple-majority vote) provide for Congress to Call the Article V Convention. HCR24 also specifies a vote of the people in each State to expedite ratification into law.
Fiscal Responsibility Requires BOTH
A Congressional Bi-partisan Commission PLUS a State-drafted Constitutional Amendment.
The suggestion by the newly appointed Speaker of the House, Rep. Mike Johnson, of the need to establish a Fiscal Responsibility Bi-Partisan Commission, would help Congress to begin prioritizing and re-aligning budget allocations. But to ensure the Commission’s hard work developing statutory fiscal reforms have lasting effect, a proposed Constitutional amendment.
Given the impossible super-majority (2/3rds) vote threshold for Congress to propose a fiscal responsibility amendment, advancing the right of the States to gather in an Article V Convention, is the only realistic path forward.
Let Us Vote For FRA—Fix the Debt Gazette