The reasons for supporting our effort to advance and ratify a powerful Balanced Budget Amendment are four-fold:
First, debt is taxation if it is to be repaid. It is taxation of our kids and their kids. It is taxation without representation. It is the worst kind of taxation.
Second, debt will be abused when borrowing capacity is unlimited. This is because the costs of borrowing rarely, if ever, fall on the current political class or their constituents. The borrowing and spending will likely continue until the system crashes, without a limit on borrowing capacity.
Third, responsible spending requires a limit on debt spending. Otherwise, there is little or no reason to prioritize spending or to pursue workable spending programs. Without such prioritization, we will waste resources needlessly. Because resources are ultimately scarce, there will come a time when the music will stop and the system will crash, imperiling both legitimate and illegitimate spending programs.
Fourth, unlimited debt spending is dangerous to national security. In order to maintain our debt-spending habits, our country has no choice but to borrow from many potential or actual international adversaries, like China and Saudi Arabia. This could give foreign nations that are willing to risk their own economic injury significant leverage in influencing our policies. China, for example, could easily start a stampede out of bonds if they dumped their bond holdings tomorrow. This could imperil the dollar as a reserve currency and crash our economy. It is not wise to put our future in their hands and hope that their own prudential calculations would counsel against such behavior.
If you agree, would you be willing to make a contribution of any amount online before the campaign ends?