If the debt is to be repaid by taxes, the federal government is laying claim to a huge chunk of our kids' future incomes for programs that mostly will not benefit them, if they benefit anyone.
If the debt is to be repaid by dollars made cheaper through inflation, the federal government is undermining the certainty, savings and investment needed to grow the economy to produce income for our kids.
If the debt is to be defaulted-upon outright, we will find our nation chased by international creditors and excluded from international markets, which will crush our economy.
Whichever direction it takes, if our national debt continues to spiral, our country will be relegated to 2nd or 3rd world status eventually. No longer will the United States be a shining city on a hill. And that has huge long term ramifications for the Western world and civilization itself.
But we still have time to stop the wrongs that are being committed against our kids and our posterity. The Compact for a Balanced Budget makes it possible to advance, propose and ratify a powerful federal Balanced Budget Amendment in as few as twelve months. It is the only constitutional amendment effort that can succeed so quickly.
With the Compact's Balanced Budget Amendment in place, we will finally get:
transparency in national debt policy
genuine deliberation over the costs and benefits of spending programs
greater humility in the federal government
greater national engagement from the states
rational budget planning
better tax policy
This will lay the groundwork for more savings, more economic growth, more jobs, less federal overreach, greater local control, and a better future for ourselves and our kids.