How come no one but freepers seem to understand the concept: "You can't spend more than you earn?"The huge debt is just the result of the problem.
The underlying problem is, even if we default—as long as we have Democrats and a GOP willing to `wink & nod’—we could have a zero debt balance but before too long we would be back again deep in the red.
The problem is irresponsible spending and failure to budget by the feckless executive and legislative branches.
Never trust a junkie or a pol with a US checkbook.
How come no one but freepers seem to understand the concept: "You can't spend more than you earn?"What would be nice is, assuming it was followed, a Constitutional Amendment to the effect of:
Fiscal Responsibility Amendment
Section I
The power of Congress to regulate the value of the dollar is hereby repealed.
Section II
The value of the Dollar shall be one fifteen-hundredth avoirdupois ounce of gold of which impurities do not exceed one part per thousand.
Section III
To guard against Congress using its authority over weights and measures to bypass Section I, the ounce in Section II is approximately 28.3495 grams (SI).
Section IV
The Secretary of the Treasury shall annually report the gold physically in its possession; this report shall be publicly available.
Section V
The power of the Congress to assume debt is hereby restricted: the congress shall assume no debt that shall cause the total obligations of the United States to exceed one hundred ten percent of the amount last reported by the Secretary of the Treasury.
Section VI
Any government agent, officer, judge, justice, employee, representative, or congressman causing gold to be confiscated from a private citizen shall be tried for theft and upon conviction shall:
a. be removed from office (and fired, if an employee),
b. forfeit all pension and retirement benefits,
c. pay all legal costs, and
d. restore to the bereaved twice the amount in controversy.
Section VII
The federal government shall assume no obligation lacking funding, neither shall it lay such obligation on any of the several States, any subdivision thereof, or any place under the jurisdiction of the United States. All unfunded liabilities heretofore assumed by the United States are void.
Section VIII
The federal government shall make all payments to its employees or the several states in physical gold. Misappropriation, malfeasance and/or misfeasance of funds shall be considered confiscation.