Our Opinion: Require a balanced federal budget

"Blessed are the young. For they shall inherit the national debt."

- Herbert Hoover, 31st U.S. president, who served during the Great Depression

 

The national debt is out of control, pushing our nation into uncharted territory.

It has the potential to wreak havoc on our future economy, compromise our children's future, even endanger our country's future.

But Republicans now have a greater opportunity to do what both they and Democrats haven't had the political will to do in the past: balance the federal budget.

Just as the Missouri Constitution has a balanced budget amendment - as do some other states - so should our U.S. Constitution.

The U.S. Constitution has been amended 27 times since it was ratified in 1788, and it can be done in two ways. By a two-thirds vote of each chamber, the U.S. House and Senate can refer an amendment to the states. Or two-thirds of the state legislatures can request that Congress call a convention of the states.

The Associated Press reported earlier this week that in the wake of the November elections, Republicans will control 33 state legislatures, one fewer than needed to initiate a convention on constitutional amendments. Already, the AP reports, the level of support for such a convention is close to the needed amount.

The U.S. Debt Clock (usdebtclock.org) estimates the debt at $19.9 trillion, or $166,735 for every taxpayer in our country.

Why does the national debt matter? The U.S. House Financial Services Committee held a hearing on the topic and determined, among other things, that the debt causes lower growth, fewer jobs and lower salaries.

A couple other not-so-fun facts about the debt:

The growing federal debt would reduce family incomes by $2,000 in 2026 and $12,000 in 2046, according to numbers from the Congressional Budget Office.

In just over a decade, interest payments will become the third largest category of the U.S. budget. Higher interest payments will edge out money for areas such as education and infrastructure - important investments for our country's current economy and future stability.

Opponents such as the AFL-CIO argue a balanced budget amendment "would have a devastating impact on the economy and would affect the ability of government at all levels to meet the needs of the people."

Some also say it would tie our hands in times, such as war, when we need to spend more than we have.

Yes, it would affect people, and possibly the economy, in the short run. There's no denying that. But when you're climbing out of debt, as financial advisor Dave Ramsey says, you need to learn to make dinner out of "beans and rice, rice and beans" for a while.

Also, the constitutional amendment could have spending exception clauses for exceptional situations.

Will it be easy? No, it will require serious cuts to some programs and services. But it's needed to preserve our future.

Just as we have to balance our household budgets, the federal government should be required to do the same.