(The opinions expressed in guest op-eds are those of the writer and do not necessarily represent the views of RedState.com.)
The current fiscal system is unsustainable, with the U.S. National Debt exceeding $30 trillion and inflation at an all-time high of 40 years. At least not in the immediate future, it is unlikely that the United States will default on its debt. But, we may be heading toward stagflation. This is the type of economic collapse that Japan experienced over the past 30 years. The United States needs to implement new fiscal regulations in order to avoid these consequences.
Another option would be for Congress to adopt new fiscal rules. For example, Sen. Mike Braun (R-IN) has proposed the S1253 Maximizing America’s Prosperity (MAP) Act. The MAP Act would reduce federal spending by limiting it and gradually reducing it to 17.5 percent GDP.
Kurt Couchman of Americans for Prosperity has proposed the Responsible Budget Targets Act. It is a Swiss-style fiscal policy that requires a balanced budget for each business cycle. The structurally balanced budget rule could also include a spending limit. The proposed fiscal rules will require new enforcement mechanisms such as the ones Sen. Braun included in his FY-2023 budget proposal.
Braun’s FY 2023 budget would establish a point of order against budget resolutions that do not include a balanced budget. This would prevent legislation that increases net outlays when inflation exceeds 3%. These new fiscal rules are unlikely to be adopted by the Congress at the moment. However, there is a possibility that the prospects will improve after the midterm elections.
Alternative approaches include the Swiss who have incorporated new fiscal rules to the Constitution. Citizens have the right to make amendments to Constitution Article V through the representatives of their respective states. Article V states “The Congress … on the Application of the Legislatures of two thirds of the several States, shall call a Convention for proposing Amendment … to the United States Constitution.”
There have been many resolutions calling on Congress to amend the balanced budget. But none has ever received the supermajority vote necessary for Congress to present the amended bill to the states for ratification.
American citizens must stand up for fiscal responsibility and impose rules on the federal government. They cannot leave fiscal decisions up to Congress.
A major step in that direction was taken in Congress this month with the introduction of House Concurrent Resolution 101, calling for an Article V Convention of States to propose Amendments to the U.S. Constitution and stipulating ratification by state conventions—effectively a vote of the people.
A companion Archivist Article V Application Counting & Calling Act, HR 8419, is designed to ensure Congress complies with its ministerial mandate to call an Article V Convention “upon the application of two-thirds of the states.” It parallels the Archivist’s current responsibility to count state ratification resolutions and certify when an amendment is added to the Constitution.
The current resolution states, “beginning in 1979, when Congress appears to have failed in its constitutional duty to count applications and call a ‘Convention for proposing Amendments.’”
This legislation would correct Congress’ constitutional failure in 1979 to call the Convention of States. Ironically, this legislation would correct Congress’ constitutional failure in 1979 to call the Convention of States. Five more states had submitted applications for a Convention that was intended to reduce high inflation and rising debt. This resolution would prohibit proposed amendments to the Constitution from being included without the consent of three-quarters or more state convention delegates.
Additionally, the resolution asks Congress to fix the place and time for Article V for proposing fiscal limitations on the federal government. If the Archivist is unable to find any congressional records supporting a finding that 34 of the applications necessary to call a Convention of States for Proposing Amendments ever occurred, the Archivist will not be able to support that conclusion.
These resolutions are a significant victory in the fiscal responsibility coalition’s “Stop Inflating” campaign, which is meant to encourage citizens concerned about inflation, slow growth, and its impact on future generations to support a state-drafted, voter-approved, inflation-fighting, fiscal responsibility amendment to the Constitution.
Barry W. Poulson, Emeritus Professor of Economics and University of Colorado Boulder
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