Becoming enslaved by debt
By Gregg R. Short
Resident, Solana Beach
As a father I am extremely concerned about the debt we are incurring as American citizens, currently more than $40,000 for every man, woman and child. This number is almost nine times higher when unfunded entitlement liabilities are included. Debt is bondage, the person or government owing the money is forced to work for the person or government to whom the money is owed. Is the federal government enslaving Americans by putting them in debt, a debt that we may never be able to re-pay? The 13th Amendment to the Constitution abolished slavery, is the Amendment being violated? Owing more than you can pay or owing so much that a great deal of your income goes to make interest payments doesn’t help the American people or the USA to be more competitive or improve our quality of life, in fact it does quite the opposite.
So what should we do? A few weeks ago Congress passed a bill requiring them to pay for any spending measure they passed, nicknamed “pay go.” The goal of “pay go” was not to add any more to the deficit. A few short weeks later the same Congress voted to extend unemployment benefits without the additional expenditure being paid for, it is obvious Congress does not have the discipline to control out-of-control spending.
Therefore We the People must only elect representatives that will enact the Balanced Budget Amendment. I would like to see a provision added requiring Congress and the president to not only run a balanced budget but to also retire something like 7 percent of the debt on an annual basis and run a surplus until we have one year’s expenditures in reserve, a rainy day fund.
I believe a Balanced Budget Amendment, besides the fiscal discipline it will ensure, will also eliminate much of the special interest and Congressional pandering, amongst representatives, currently taking place. Iceland, Greece and now Hungry have either declared bankruptcy or for all particle purposes are bankrupt, these small countries should be a wakeup call to all American’s, if these countries can go bankrupt so can we!
I think it is time for many other Constitutional amendments in order to clarify the values America and American’s stand for, mostly to ensure individual rights are not usurped, the Balanced Budget Amendment is a good start.