Over the last fiscal year, your federal government BORROWED over $53,000 every second. Just think about that. We cannot possibly tax enough to cover all the spending coming out of Washington, so every second of every day, we’re borrowing more than $53,000 to make up the difference.
And yet Democrats are still telling me we don’t have a spending problem.
Our total borrowing last fiscal year is still being added up, but is probably going to land north of $1.7 trillion. And our total national debt – the number that’s growing by $53,000 per second – is almost $34 trillion.
And yet I’m treated like a piranha by Democrat colleagues and the media for promoting safe spending reductions.
You probably saw the news several days ago. Moody’s slashed its credit outlook on the U.S. government from “stable” down to “negative.” This is another blow to our financial situation, as the experts at Moody’s are looking at the stupidity of our government and finally deciding we cannot afford all this debt we’re taking on.
No kidding. You might wonder why Moody’s was so slow to realize the obvious. Fitch Ratings already downgraded the U.S. government over the summer, while Standard & Poor’s was sounding the alarm bells back in 2011.
The one fatal flaw in the U.S. Constitution might just be its failure to require a balanced budget (except during times of declared war). The overwhelming majority of those who have been elected to Congress, including Republicans, have no desire to address this crisis. And no desire to initiate a balanced budget amendment to the Constitution.
I understand the concerns about a Convention of States; I’ve heard them all. But we’re looking at the very real possibility of a financial collapse unless we can reduce spending and balance the budget. All that before we even think about paying down this mountain of debt.
If there’s one thing that’s clear to me after serving in Washington for a few years, it’s that Congress is not going to do this on our own; we must be forced. That’s why a Convention of States to start pushing through a balanced budget amendment may be our only hope.