Utah Senator Mike Lee published a sobering op-ed on the DailySignal.com yesterday that should remind us all why we must shrink the national debt — now.
Over the next 10 years, our publicly held debt is set to almost double, going from around $15 trillion today to more than $28 trillion in 2028.
Debt as a percentage of our entire economy is set to grow from 76.5 percent today to 96.2 percent in 2028, a level not reached since the end of World War II.
Net interest payments on that debt are set to grow from about $300 billion a year now to more than $900 billion in 2028. And that assumes that interest rates stay below historic averages.
Well, that’s sobering, and he’s not done. He went on to say that “If interest rates were to return just to historical averages, taxpayers will soon be drowning in annual trillion-dollar interest payments.”
This has to change. If we do not find the will to reduce federal spending ourselves now, at some point economic reality will force us to do so in a much more painful manner later.While Trump’s efforts to cut the budget are a good first step, D.C. politicians lack the will to cut the programs that need to end to truly shrink the national debt.
That’s why we need to call the first-ever Article V Convention of States. A Convention of States has the authority to propose constitutional amendments that force Congress to be fiscally responsible. These amendments can include a balanced budget amendment as well as spending caps and tax limits.
As Sen. Lee predicts, “if we continue to allow federal government spending to grow faster than the economy as a whole—we will drown our children in debt.”
Let’s make sure we don’t let that happen. Let’s call a Convention of States. Since the Project launched in 2013, we’ve been spreading like wildfire. With over 3 million supporters nationwide, we have petition signers in every single state house district across America. We’re actively working in all fifty states to pass the Convention of States Application.
Image Credit: MaxPexels