Staff Reports
The US is in the midst of a financial crisis, and it is not like we didn't notice it coming. The Biden Administration and the government have been spending money that doesn't exist tomorrow, and it's time to call out their irresponsible behavior. Despite all the talk about tackling the issue, the government's actions have only made it worse.
In terms of American exceptionalism, we are exceptional in our fiscal behavior. Other countries have stopped their pandemic spending, but we haven’t. We wasted a lot of money on wasteful projects.
Joe Biden used the economic crisis to create jobs and combat climate change. Unfortunately, despite the positive effects of the stimulus plan, the other government agencies are not planning on spending as much.
Some people believe that deficits don't matter. They argue that if the economy grows faster than the government's interest payments, then it's all good. However, this is not the case. The rising interest rates that have been made possible by the low interest rates will soon cause the deficit to get worse. It's also going to get worse if the Executive Branch and Congress continue to spend like they have been doing.
A solution may be on the way. Representative Nathaniel Moran of Texas has proposed a constitutional amendment that would require the government to balance its budget. It would require the government to spend only what it collects and not exceed its revenues.
It was supposed to be a good plan, but it looks like it's going nowhere. It's a shame that the Republicans, as well as other politicians who claim to support fiscal responsibility, can't seem to get behind this idea, and Congress' approval ratings are low.
One of the solutions is to implement a Weimar-type inflation, which would allow us to inflate our way out of the current mess. Although it's gotten worse, it shouldn't have happened. It's just common sense to balance the federal budget. Unfortunately, Washington, D.C. doesn't seem to have the same sense.
The survival of the Republic depends on it having a proper fiscal house. We can't continue to spend like we have no tomorrow. It's time for the people to hold their elected officials accountable, and demand that they put the country first.
