Posted BY: Anony Mee
When We the People get to the point in our personal finances where we are at risk of not even being able to pay the interest on our credit cards and loans, that’s a wake-up call at the cliff’s edge of bankruptcy. Most of us never get there. When we do, it’s time to (1) stop spending and (2) get those bills paid down, if not completely paid off. Such personal responsibility needs to be manifest at our national level too. It’s time to stop funding every seemingly good idea that comes along. Fiscal restraint is required.
We need a spending cap, one that comes with such strong cables attached that they cannot be sawn through. The spending cap must contain reductions by a fixed percentage every year for the next ten years. If the debt ceiling must be raised this year, then that raise must only be by the barest amount to allow six months for addressing necessary reductions in both spending and interest rates to bring the annual deficit down to below zero.
But never again. No more spending more than we reasonably expect to have on hand. And no more spending to the point where we have no cushion for emergencies.
In fact, realized revenues should exceed planned expenditures to such a degree that the surplus can bring our national debt down from its current $31+ trillion. When there is a budget surplus, we need a provision in the law that those funds cannot be spent on anything but debt reduction until there is no more national debt.