by Fergus Hodgson
Director of Fiscal Policy Studies
Unfortunately, federal legislators continue to give bipartisan support to deficit spending. This is predictable, since they use the debt-enabled money to buy votes and extend their power into state activity.
Unlike 49 of the 50 states, these officials do not face a constitutional barrier to deficit spending–and that is in spite of strong public support for such a constraint. Rhetoric aside, they have no interest in restraining themselves, and the strength of any amendment they might propose would be minimal.
That leaves the states as the logical check, and they already have constitutional authority, through Article V, to amend the Constitution. The problem is that this is yet to happen, even after more than 200 years, and many people still fear the necessary amendments convention.
In my latest commentary with The Future of Freedom Foundation, “A Historic Fiscal Solution, If We Overcome Convention Fears,” I make the case that such fears are unfounded. Worse, they block the way for much-needed initiatives, such as the National Debt Relief Amendment. (This article also features an extensive audio interview with Curtis Olafson, national spokesman for the NDRA. Click below to listen–27 minutes.)