There’s been talk on “the Hill” about using the 14th Amendment to raise the debt ceiling. In an essay recently published in “The Epoch Times, recognized Constitutional expert, Rob Natelson, explains the 14th Amendment, noting that it does not grant the President the power to spend money. Mr. Natelson believes, “Eventually, Americans will get fed…
Category: The Article V Solution
Higher Interest Rates Will Raise Interest Costs On The National Debt
Every day news outlets are discussing the pros and cons of raising the debt ceiling. What seems to be missing from many reports is how Fed Chairman Powell’s interest rate increases are impacting the interest payments on the federal debt. It’s the opinion of the Peter G. Peterson Foundation that “Congresses and Presidents of both…
Why GDP Matters in Debt Ceiling Discussions
Kevin McCarthy unveiled his plan to begin the negotiation process with President Biden. As the negotiations begin, it is important to note that the U.S. Debt Clock shows the U.S. GDP ratio to be 120.35%. Why should we be concerned about GDP? In his 2020 essay published in The Catalyst and titled A Historical Look…
The U.S. Needs a Budget Straitjacket
Noted professors of economics Steve H. Hanke and Barry W. Poulson assert, “It’s time for Americans to get the bit between their teeth and, via a constitutional convention, rein in Washington’s addiction to fiscal deficits.” in an Op-ed recently published in the National Review. Read More
Proposing a Fiscal Responsibility Amendment by Dr. Barry Poulson
In his recent article in Human Events, Dr. Barry Poulson observed that “The federal government has incurred deficits and accumulated debt at an unsustainable rate. The statutory fiscal rules enacted to constrain federal spending and debt have been abandoned and the budget process is broken.” Proposal of a state-led Fiscal Responsibility Amendment ratified by a…
Fox News: House measure says Congress obligated to call convention for fiscal responsibility amendment
“Beginning in 1979, when Congress appears to have failed in its constitutional duty to count applications and call a ‘convention for proposing amendments’, the nation’s debt has increased to more than $30 trillion from $830 billion while the value of the dollar has declined by over 70%.” Read the complete coverage from Fox News on…