According to the Convention of the States’ website, the national debt situation in America is getting out of hand.
Although the website acknowledges that the Wuhan virus pandemic has played a significant role in this debt expansion, in the author’s view “it’s only highlighted problems that already existed.”
The website argues that the biggest problem is that “Neither party cares about the future of our children and grandchildren.”
They alluded to a Forbes report that highlights how spendthrift both political parties are.
The report featured charts that show how much the national debt has grown during each presidential term regardless of which party was in office.
The COS article noted one shocking fact:
Far from being the party of fiscal responsibility, Republican administrations have, by and large, increased the debt more than their colleagues across the aisle.
Despite their marketing as fiscal conservatives, Republicans are massive spendthrifts once in office. Ultimately, how politicians behave once in power, and not what they say on the campaign trail, is what matters most.
The website also broke down what spending looked like when Congress was in control by either party or had split control. It was simply more of the same.
Although, “fiscally responsible” Republicans are easy to attack for their hypocrisy, the fact of the matter is that both parties are addicted to irresponsible spending.
The COS article is correct in pointing out that since the gold standard was abandoned in 1971, the national debt has exploded regardless of which party was in office in D.C. The gold standard has historically been a check on fiscal profligacy. As of now, the national debt is currently over $26 trillion.
To solve this dilemma, COS called for a balanced budget amendment. Getting D.C. to become fiscally responsible is a herculean task in of itself and will require proactive political leadership. Liberty conservatives must work hard to get genuine fiscal hawks elected to make this vision become a reality.