My column for the Washington County Daily News is online and in print. Here’s a part, so go get a copy for yourself.
Both political parties have sacrificed fiscal sanity at the altars of power and politics. The result is a $22.5 trillion national debt with another trillion dollars added to it this year alone. That is a debt of $183,000 per person, or $732,000 for a family of four. There are many things that can kill a country, but massive debt is a sure way. History has repeatedly shown us that when the debt bill comes due, that massive taxes, hyperinflation,
and collapsing economies follow. Then comes unemployment, instability, riots, and bloodshed. The United States is not immune to these forces. If we do not control our debt, it is only a matter of time before our nation goes the way of Venezuela, Weimar Germany, or Argentina.
While the problems in our federal government are myriad and severe, calling a constitutional convention is not without risk. Once called, there is no way to restrict the activities of the convention to a specific list of goals. The convention can choose to completely rewrite the Constitution or do nothing at all. Recall that the venerated Constitutional Convention of 1787, which created our current Constitution, was called into being for the expressly limited purpose of making a few tweaks to the Articles of Confederation. Instead, they rewrote history.
When and if a constitutional convention is convened, it will be filled with delegates from across the nation with very different ideas about how our nation should look and what constraints, if any, should be put on federal power. Some will seek to impose the socialist utopia being advocated by some of the presidential candidates. Some will seek a drastic reduction in the federal government. Some will just want to clean up some perceived errors in the current Constitution. Some will seek a completely new construction.
Convening a constitutional convention is risky because nobody really knows what it will produce. Some will think that it is better to deal with the devil we know instead of possibly creating a worse one. But given that our federal government is on course that will obliterate our nation as we know it with seemingly no will or way to impede that course, it is worth the risk.
It would be a circus.
With these awful liberal social justice Warriors running around, they may just attempt to outlaw the bible.
I agree the debt is awful, but liberals will do nothing to help fix it because that would involve cutting back entitlements. Medicare. Social Secutity. Welfare. Student aide, etc.
I’d rather face some inflation vs risk of Constitutional convention. I don’t envision hyperinflation of tin pot Marxist dictators.
Maybe start by inflating the money supply to pay off a trillion of debt and see what happens. I think the money supply is too tight anyway.
Kevin, a ConCon is the way to go. And ginning up inflation is NOT the way to go–in fact, that’s one of the leading reasons FOR a ConCon.
Inflation is pretty anemic at this point.
I would not make an inflation argument for Convention until mortgage rates go above 8 %.
I’m for it as long as it forces a balanced budget and keeps liberal crap at bay. Its latter part I worry about.
Is there some reason that you think inflation is good? The charter of the Fed is not for “inflation.” It’s for “price stability.”
As to “liberal crap,” it’s not time to worry about that yet.
Inflation is good if you own real property, own Gold or other precious metals, and have debt at low interest rates.
Also good for savings, CD, and other fixed instrument interest rates for seniors using that as fixed retirement income.
All kinds of good can come from some reasonable inflation.
Sure. Unless you are a wage earner or someone whose income is fixed. Don’t let that “earn more on your savings” line fool you; you’ll never, ever, get interest income sufficient to make up for the increases in goodies like food, drugs, fuel. And I’ve seen business owners get crucified by COGS inflation while trying to keep prices competitive vs. the market monsters.
Were you around when Volcker ‘busted’ the Carter inflation by kicking prime rate up to 18%, Kevin? Real property values were very nice, except nobody could afford to buy it.
dud:
For once I agree with you.
Dad,
Not saying 18% inflation is good, but 5-6% would not be the end of the world.
Given debt situation, inflation may be only solution. People should consider that when investing.
Even a Constitutional convention at it’s most ideal outcome will fix debt problems we have incurred already.
“Will not fix….”
2-3% is manageable–sorta like Stage One cancer.
Take that for what it’s worth.
As to “fixing” the national debt–so long as the country remains in the hands of politicians and there is no FORCED change to their habits, you can expect the country to go down the crapper, inflation-fix or not.
LeeeeeeeeeeeeeeeeRoy: I knew that someplace in there you had some common sense.