Inflation and the National Debt
America’s Runaway Debt Scenario: $1Trillion in Interest per Year
According to an op-ed by Peter Svab and published by “The Epoch Times,” “The U.S. federal government has borrowed so much money that, over the past year, it has had to spend one-fifth of all the money it collected just on debt interest–which came to almost $880 billion.” (Sidebar: Think about the other programs that…
Thinking about the federal debt reminds me of a line from the movie “Regarding Henry” starring Harrison Ford. Actor Ford’s character is an attorney whose life is upended after a bullet hits him in the head. The once-powerful lawyer has to re-learn everything. In a pivotal scene, Harrison’s character says to his former secretary as…
The Correlation between the National Debt and the fairytale “The Emperor’s New Clothes”
According to Bing AI, “The moral of the story “The Emperor’s New Clothes” is that people should not be afraid to speak the truth, even if it goes against popular opinion or authority. In the story, everyone pretends to see and admire the emperor’s new clothes because they fear being seen as foolish or going…
Solving the Debt Crisis is a Bipartisan Issue
If our nation’s leaders were truly concerned about “We the People,” there would be more reaching “across the aisle.” All we see are partisan attacks and in-fighting. It’s time to find some common ground. There have been at least two Master Classes featuring opposing political icons who successfully found some common ground – Karl Rove…
It’s alarming how the following article written by Steve H. Hanke and Stephen J.K. Walters that appeared in the January 8, 2019, print edition of The Wall Street Journal is as relevant today as it was at the time of publication: “When politicians hide the cost of government, ‘free college’ and ‘Medicare for all’ sound like…
Does Congress need an Intervention?
According to the Webster online dictionary, “intervention” refers to a situation where a group of family or friends confront an individual with an addiction or behavioral problem to encourage them to address the issue. In this case, the issue at hand is Congress’s out-of-control deficit spending. With few exceptions, our elected officials aren’t being good…
Time to wake up and smell the debt
Ian Haworth in his Op-Ed published by “The Washington Examiner” on July 3, 2023 says that “one area should be sparking terror among the populace: debt.” Notable comments in his Op-Ed follow: “And why, as we stare down the barrel of passing the highest level of debt recorded in American history at 106% of GDP…
Other Countries are putting the “brakes” on spending while the U.S. kicks the can down the road.
Germany implemented a fiscal sustainability plan similar to the Swiss Debt Brake in 2009 to reign in excess spending. The German Finance Minister reported on Marcy 7, 2023 that the country “is sticking with it.” Former Magna International CEO Frank Stronach sounded the alarm on Canada’s rising national debt calling it a “ticking timebomb…
Swiss Debt Brake – What is it? Will it work for the U.S.?
There was a recent political cartoon depicting an elephant and a donkey kicking the proverbial can down the road. It seems that every debt ceiling debate results in more national debt, not less. Isn’t it time to take a stand and do something about the debt to save the country and the future of the…
The original Misery Index was created by economist Arthur Okun, a member of President Lyndon Johnson’s Council of Economic Advisors. The Index was a way to help President Johnson understand how the country was doing by tracking the impact of unemployment and inflation on the population. It was later modified by Robert Barro of Harvard…
The Article V Solution
How much of your tax money goes toward servicing the US national debt?
Have you ever given any thought to how your tax payments are allocated? In her essay, Fox News contributor Megan Henney, writes that “Interest on the U.S. national debt has grown so rapidly that it is now consuming nearly half of all individual personal income taxes. So far this fiscal year, about 39 cents of…
If you ask most Americans, I believe they would tell you that money is tight. They may even be reducing cable services, choosing not to dine out or go to the movies to stretch their budgets. No so with the government. Both sides of the aisle, and the President, love spending money (that isn’t theirs)….
The “Committee to Unleash Prosperity has taken a novel approach to bring attention to the debt problem. And, despite what many others say, the debt is unstainable. The interest on the debt will soon exceed the budget for the military. Don’t believe it? The current U.S. national debt is $34 trillion+. In his op-ed, “Who’s…
The aftermath of COVID-19 and quarantine has left many of us with myopic tendencies, and we are not looking at the bigger picture of how debt is impacting the world and what the consequences may be if our leaders or “We the People” voters don’t take any action to correct the problem. On November 11,…
In an op-ed published by Sun Sentinel on January 17, 2024, Lisa B. Nelson, CEO of the American Legislative Exchange Council (ALEC) reminds us that “without strong safeguards, power would inevitably migrate to the national government while eroding individual rights and state sovereignty, federalism was woven into the U.S. Constitution to prevent federal overreach.” Read…
Federal Fiscal Sustainability Foundation board member David M. Walker gives his opinion about the Federal Debt and recommends that “the House Judiciary Committee should hold a hearing on House Concurrent Resolution 24, which relates to the Congress’ constitutional responsibility under Article V regarding this issue” in an op-ed published by DC Journal on January 8,…
Think America’s National Debt Burden is Bad its Actually Worse.
The end of the year is always a time for reflection. As we get ready to ring in 2024, let’s look honestly at the national debt. It’s a problem. Taylor Millard wrote, in an online op-ed published by DC Journal, “The bad news for American taxpayers? A respected university analysis says the United States has…
People are voting with their feet. Are Politicians getting the message?
Professor Steve Hanke and Stephen J.K. Walters, recently co-authored an article for National Review/Capital Matters titled “The American Voter’s Flight to Freedom.” The article discusses how liberal policies are causing citizens in many blue states to migrate to more economically and politically favorable areas. The authors raise the question of whether politicians are paying attention…
Cincinnati.com/The Enquirer published an op-ed written by contributor Dan Regenold titled, “It Will Take a Transformational Leader to Keep U.S. from Becoming Greece.” Mr. Regenold suggests, “One of the key health measurements of world economies is something called debt-to-GDP ratio. Gross Domestic Product is the sum-total of all the goods in the USA in a…
If you have watched The Wizard of Oz, you undoubtedly recall the scene when Toto pulls on the curtain, and the Wizard is exposed. The Wizard tells Dorothy and the group, “Pay no attention to that man behind the curtain.” Despite The US Debt Clock showing the amount owed per taxpayer at $259,103 and still…
Press Releases
Advocates Applaud House Concurrent Resolution Calling for an Article V Inflation-Fighting Fiscal Responsibility Amendment Proposing Convention
July 20, 2022 GMT–News Direct– The Let US Vote for a Balanced Budget Amendment Citizen’s Campaign, Inc., a coalition of nonpartisan advocates concerned about the impacts of inflation and out-of-control national debt applauded the introduction of House Concurrent Resolution 101 calling for an Article V Convention of States to propose Amendments to the United States Constitution and…
Stop Inflating U.S. ‘Super George’ Campaign Launched by Fiscal Responsibility Amendment Advocates
A coalition of nonpartisan advocates concerned about the impacts of inflation and out-of-control national debt are encouraging state legislators from around the country to support a state-drafted, voter-approved, inflation-fighting, fiscal responsibility amendment to the Constitution. At an event this week, state legislators are being urged to advocate for the recently introduced House Concurrent Resolution 101 which calls for…
“Stop Inflation” Campaign Launched by Fiscal Responsibility Advocates
QR Code Connecting Voters to Elected Officials A coalition of nonpartisan advocates concerned about the impacts of inflation and out-of-control national debt recently launched a national “Stop Inflation” campaign. The effort supported in part by the Let US Vote for a Balanced Budget Amendment Citizen’s Campaign, Inc. is seeking to connect concerned citizens with elected…
Campaign Launched by Fiscal Responsibility Advocates Connecting Voters to Elected Officials The Let US Vote for a Balanced Budget Amendment Citizen’s Campaign, Inc., a coalition of nonpartisan advocates concerned about the impacts of inflation and out-of-control national debt announced that nearly two dozen federal legislators and candidates signed a pledge committing to give citizens a…
Nevada Called for a Balanced Budget Amendment Convention 43 Years Ago But “Congress Ignored Its Duty”
Article V Mandates Congress Call a Convention for Proposing Amendments on the Application of Two-Thirds of the States Today marks the 43rd anniversary of Nevada’s Article V Application for a Balanced Budget Amendment Convention. The application was published in the Congressional Record on February 8, 1979, fulfilling the Constitution’s requisite 34 state applications to mandate…