Dr. Harold Pease

When President George W. Bush left office the national debt was about $10 trillion—the highest in our history and a serious, unacceptable problem. Today, two and a-half years later, it exceeds $14,340 trillion. We are on the eve of destruction, as Barry McGuire sang in his 1965 anti-war hit “Eve of Destruction,” and both parties are responsible.

The President wanted to spend $3.7 trillion this year. Our total income for the year is about $2 trillion so that would leave a deficit of $1.7 trillion which will be added to the $14 trillion that is already placed upon the backs of our children and grand children. I am having difficulty understanding why this isn’t a sell-out to them.

In fiscal responsibility both parties flunked Economics 101 and proved themselves inept. Spending, even if money does not exist to be spent, is the drug addiction of both parties, although presently amplified by the Democrats, as never before in U.S. history. The printing presses are already going full steam as the Federal Reserve gave itself power last December (with presidential knowledge) to devalue your savings by printing and distributing $600 billion by June 1, of this year. We are on a course neither party fully is willing to stop. The time has come for the states, under Article V of the Constitution, to take charge and do so. The only answer to avoiding financial collapse is a balanced budget amendment and it must be enacted ASAP as Congress and the President are out of control.

All state constitutions except Vermont’s require a balanced budget in their spending. Such parameters within their borders make it easier for them to say “no!!” to new spending without also raising taxes. Basically one spends only that which is received.

The Constitution does not have a balanced budget amendment largely because of the Founders attitude that only gold and silver would be the medium of exchange in the states as expressed in Article I, Section 10 of the Constitution. This would automatically inhibit governments’ temptation to first create and then inflate paper money. We got off track rather quickly and by 1797 Thomas Jefferson wrote in irritation, “I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender” (Thomas Jefferson, Letter to John Taylor of Caroline, November 26, 1798; reproduced in The Writings of Thomas Jefferson v. 10, edited by Lipscomb and Bergh).

A Constitutional amendment to restrict the federal government from further enslaving our children with debt could come from either the states or the Congress. Since 1975 thirty-two states have petitioned Congress proposing a balanced budget amendment. Two more, are needed to complete the 2/3rds requirement of Article V in the Constitution forcing the ratification process. This process necessitates the acceptance of 3/4ths of the states which, with the flagrant abuse of our money supply on the part of the federal government, should be a given. The beauty of this is that a spending addicted president, whether republican or democrat, is by-passed. No signature is sought and no veto power can be exercised. So states let us get two more states on board.

Congress was one vote short of passing a proposal for a Balanced Budget Amendment in 1997 but interest waned until the Tea Party Movement reinvigorated the demand. The Senate presently has a good amendment under consideration. Outside of war or an “imminent and serious military threat to national security,” Congress and the President must submit a balanced budget. It has an 18 % spending cap. To exceed this for one year requires a 2/3rds approval of both Houses for “a specific excess.” Declared war, or “an imminent and serious military threat to national security,” also allows excess of the 18% but the excess must again be specific. The bill requires 2/3rds of both Houses for any tax increase and forbids the raise of the debt ceiling without a 3/5th of both Houses vote. Finally, it gives the government 5 years to get their fiscal house in order before the balance takes affect (Human Events, April 11, 2011, p. 13).

The Founders gave us two paths to constitutional change, the Congress, and should they fail, the states which could by-pass them. Would one of you finally come through for the people, or do you both wish to continue to leave us on the eve of destruction?

Dr. Harold Pease is an expert on the United States Constitution. He has dedicated his career to studying the writings of the Founding Fathers and applying that knowledge to current events. He has taught history and political science from this perspective for over 25 years at Taft College. To read more of his weekly articles, please visit www.LibertyUnderFire.org