America is in the midst of an urgent fiscal crisis that affects every one of us, regardless of political affiliations or beliefs. It’s a crisis that threatens our economic stability and, by extension, our collective future. We stand at a significant crossroad in our nation’s history!
As of May 2023, our national debt stands at an astounding $31.46 trillion, a number that underscores the urgency of addressing unchecked government spending and fiscal mismanagement. If you laid one trillion $1 bills end-to-end, it would stretch from Earth to the Sun – and back – with a considerable amount left over. The distance from Earth to the Sun is about 93 million miles. Now imagine doing that more than 31 times. This scenario necessitates the exploration of constitutional amendments for a more stringent budget process, perhaps even introducing a debt-to-GDP ratio trigger, a mechanism that could enforce fiscal discipline, with the caveat of diligent monitoring to mitigate any potential negative consequences.
On yesterday’s ‘Life, Liberty & Levin Mark Levin sounded the alarm after the U.S. Government Accountability Office’s (GAO) issued a blistering report raising concerns over the nation’s fiscal health. He points out that even government bureaucrats who support the current administration recognize the perilous trajectory of such spending patterns.
Our fiscal responsibility crisis is not simply a matter of a ‘broken system’; it’s a multifaceted problem deeply rooted in chronic overspending, budget mismanagement, skyrocketing national debt, the absence of constitutional fiscal rules, and unfunded liabilities due to the depletion of reserves for Social Security, Medicare, and Veterans Pensions. These challenges are magnified by insufficient tax revenue, persistent political gridlock, and the financial impact of external shocks such as pandemics and economic downturns. Despite the debates around the impact of the Affordable Care Act, we are in desperate need of a more sustainable approach to managing these liabilities, particularly in the wake of the COVID-19 pandemic.
America’s system of government is plagued by inefficiencies and a glaring lack of accountability. Deadlines for budget approvals consistently fall by the wayside, casting a shadow of uncertainty over our economy year after year. Expenditures exceed income, and the debt ceiling, instead of serving as a financial safeguard, is repeatedly raised without a second thought.
This is where the groundbreaking proposition by constitutional scholar Mark Levin comes into play. Levin calls for a Convention of States under Article V of the U.S Constitution. While there has never been a convention under Article V, the states have met in conventions at least 33 times and are well acquainted with the process. His plan isn’t to revamp our foundational constitution document but to propose necessary amendments to restore fiscal responsibility and ensure government accountability. However, if Congress violates the constitution by refusing to call a convention when states have applied, this could set a concerning precedent, potentially destabilizing our constitutional democracy.
Levin’s vision is clear: the power to change our nation’s fiscal destiny lies not just with the federal government, but with we the people and our representative states. His clarion call has already been heeded by 20 states that have adopted a resolution for a Convention of States with 14 states remaining to have the mandatory 34 states necessary to hold the convention. Additionally, “polling conducted across the nation indicates that, on average, 66% of voters across party lines support the Convention of States Project resolution. That includes 75% of Republicans, 55% of Democrats, and 62% of others” which makes this a truly bipartisan representation of Americans.”
The central thesis of Levin’s proposed amendments revolve around fiscal accountability. He suggests that Congress must submit a preliminary budget for the following fiscal year by the first Monday in May. Should Congress fail to adopt a final budget before the start of the fiscal year, a 5% reduction in expenditures from the previous year’s budget will automatically ensue. Levin urges that these stipulations be incorporated into our Constitution.
Additionally, Levin proposes that total government outlays must not exceed receipts for the same fiscal year or exceed 17.5% of the previous year’s national gross domestic product, thus effectively capping government spending relative to economic growth.
To curb the rampant increase in the debt ceiling, Levin recommends a three-fifths majority of both houses of Congress. He provides a contingency for a one-year suspension of these limits in the event of national emergencies, like wars, but this too would require a similar majority.
Additionally, Levin advocates for amendments to limit federal taxation, promoting a flat 15% income tax and prohibiting other taxes such as the estate tax and value-added tax. A flat tax was also proposed by Milton Friedman in his 1962 book Capitalism and Freedom where he argued for a system where income tax is applied at a single rate, with minimal exemptions, as a means to reduce complexity and improve economic efficiency. He believed that a flat tax system could reduce the distortive effects of progressive taxation and encourage economic growth.
By adopting Levin’s suggested amendments, we can usher in a new era of responsible, efficient, and people-serving government.
As the President of the Financial Policy Council, I am fully in support of Mark Levin’s proposed fiscal revolution. For the sake of our future and the generations to follow, we must champion fiscal responsibility and demand transparency and efficiency from our elected officials. These constitutional amendments pave the way towards this, focusing the power not on Washington, D.C., but on the collective power of the people and their states.
However, it’s also critical to remember that warfare is not a sustainable or desirable solution to financial stress, despite the current administration’s stance. Change is essential, and while term limits may be part of the solution, a more comprehensive change in the culture of politics is equally vital. The rampant corruption is disheartening, but through constructive dialogue, informed voting, and sustained public pressure, we can strive for the much-needed changes.
With Levin’s solution, we can liberate ourselves from the endless cycle of increasing debt, missed deadlines, and persistent economic uncertainty. We can embark on a journey that prioritizes fiscal responsibility, governmental efficiency, and economic stability.
The task of restructuring our fiscal policies is daunting, but necessary for the continued prosperity of our nation. The time to act is now. Our Constitution is not merely a historic document—it’s a dynamic, vibrant guide that can steer us through contemporary challenges.
By endorsing Levin’s proposed amendments, we provide future generations with a robust economic platform to construct their dreams. This is a battle worth our effort, a cause worth advocating. The journey begins with us—the citizens of the United States of America.
Join us in endorsing this crucial initiative. Let’s collectively demand a Convention of States and secure these amendments in our Constitution. By doing so, we save our nation from fiscal catastrophe, ensuring prosperity for generations.
Together, let’s step into the future, endorsing and advocating for these much-needed changes. Our focus should not just be on the present, but the legacy we’re leaving for future generations of this great nation.
Here’s how you can join the movement, be the change, and advocate for this fiscal revolution:
1. Educate Yourself: Learn about the proposed amendments and how they can bring about a fundamental change in our fiscal responsibility and government accountability. Read Mark Levin’s work, get a deeper understanding of the Convention of States, and the impact it could have on our nation’s future.
2. Spread the Word: Share what you’ve learned with your family, friends, and community. Use your social media platforms, your voice, and your influence to raise awareness about the need for a fiscal revolution.
3. Engage with Legislators: Reach out to your state legislators, advocating for them to support a resolution for a Convention of States. They represent you – make sure your voice and concerns are heard.
4. Participate Actively: Attend local meetings, rallies, and seminars supporting the Convention of States. Becoming an active participant in this movement amplifies our collective voice.
5. Support Organizations Promoting the Cause: Consider donating to or volunteering with organizations like the Financial Policy Council (https://financialpolicycouncil.org/) that are advocating for the Convention of States and the proposed amendments.
6. Write to me: (Ziad@thefinancialpolicycouncil.org) and share your thoughts about supporting Mark Levin’s Convention of States idea as a way to take back America from over-assertive poorly formulated and reactive government economic, fiscal, and tax policy.
Remember, this isn’t just about one person, one group, or one party – it’s about all of us, Democrats, Republicans, and Independents, standing together to secure our economic future. Every action counts, no matter how small it might seem.
Let us, together, save our great nation from the impending fiscal crisis, restore fiscal responsibility, and reclaim our future. As we stand united, we possess the power to alter the fiscal trajectory of our nation. Each of us, contributing our unique voice and strength, can serve as a vital force propelling us towards a secure and prosperous future. We are the architects of our destiny, the guardians of the values that have defined us as a nation.
Together, we can resuscitate the principles that our forebears fought so valiantly to uphold – principles of fiscal responsibility, accountability, and prudent governance. We can rekindle the spirit of sacrifice and foresight that they embodied, investing today in the promise of a thriving America tomorrow.
This is our call to action. It is a call imbued with the patriotic duty that we bear as citizens of this great nation. It is a duty to safeguard the quintessential promise of America – the promise of opportunity for all, the assurance of liberty that transcends generations, and the prosperity that serves as the beacon of our national ethos.
Our collective efforts can ensure that this promise, this brilliant beacon, continues to illuminate the path for our children and for generations yet unborn. For it is in this luminosity that the American spirit thrives – an indefatigable spirit that fosters innovation, drives progress, and fuels the pursuit of happiness.
We are, indeed, the tide that can turn our country’s fiscal course. Through our unwavering commitment and determined action, we can uphold the legacy of our Founding Fathers and perpetuate the brilliance of the American Dream. United, we stand, the torchbearers of America’s promise, igniting the flame of prosperity, liberty, and opportunity for generations to come. In the spirit of our storied history and driven by our boundless potential, we press forward, forever striving for a brighter, more secure future. Together, we march on, keeping America’s promise alive and shining.
Join the movement. Be the change. Advocate for this fiscal revolution.
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