The Swiss Debt Solution
[The following collection of articles is from the Article V Caucus Newsletter relating to our debt and the Swiss Debt Brake]
by Stuart MacPhail August, 2019
Under the heading “Switzerland’s budget surplus shows power of constitutional restraints on federal spending” on July 10 the Convention of States Project (CoSP) extoled the virtues of the so-called “Swiss Debt Brake” as a model for the US to use in reining-in America’s growing national debt. Read the CoSP article HERE.
On July 8 CNS News carried a related piece entitled “Switzerland Has a Budget Surplus. Here’s How and What the U.S. Could Learn”. The writer notes that “The Swiss budget for 2020 will have a $615 million surplus, even after 2019 tax and pension reforms lowered revenues and raised spending.” Read this piece HERE.
According to a poll conducted for the Peter G. Peterson Foundation and released in June, “There is bipartisan agreement among voters that America’s ability to tackle important issues is inextricably linked to the national debt.”
Their report says “Nine in ten voters (92%) agree that managing the national debt will ‘lead to a better future for the next generation of Americans,’ including 71% who ‘strongly agree.’ This attitude spans partisan lines, as 92% of Democrats, 91% of independent voters, and 94% of Republicans agree that future generations of Americans will be better off if the national debt is addressed.” Read that report HERE.
On July 25 a coalition of 21 prominent organizations sent a powerful letter to all members of Congress imploring them to support the Maximizing America’s Prosperity Act of 2019 (MAP). The proposed measure would cap primary federal spending (both discretionary and entitlement spending) to a percentage of potential GDP… similar to the Swiss Debt Brake. The bill was introduced by US Senator Mike Braun and US Rep. Kevin Brady.
The organizational CEOs who signed the letter collectively represent millions of Americans. The letter urges members of Congress to “co-sponsor and support this critical piece of legislation as a component of desperately needed fiscal responsibility in Washington”. Read the one-page letter HERE.