Staff Reports
The so-called Fiscal Responsibility Act of 2023 may appear to be a victory for House Republicans, but we shouldn't celebrate just yet. This legislation may have suspended the debt ceiling and imposed new discretionary spending limitations, but it does nothing to address the unsustainable growth of our national debt. The Congressional Budget Office (CBO) estimates that our debt subject to the debt limit will increase from $31 trillion to a staggering $51 trillion over the next decade if this act is enacted. That is equivalent to going from owing an acquaintance ten dollars to owing them fifty dollars, but on a massive magnitude!
The Fiscal Responsibility Act of 2023 Is a Pyrrhic Victory https://t.co/zCFUOVXBOt
— RedState (@RedState) July 14, 2023
Clearly, Congress is experiencing significant debt fatigue. They've been playing quick and lax with the rules for the past two decades, avoiding balanced budget provisions, debt limits, and deficit limits like it's a game of hide and seek. It is time for them to acknowledge that the budget process is irreparably flawed. The issue cannot be solved by meddling with fiscal principles that have failed.
We should learn from Switzerland's example. When it comes to fiscal responsibility, these men know what they're doing. They enacted a debt limit via a constitutional amendment supported by an astounding 85 percent of Swiss citizens. Moreover, guess what? It labored! In the past two decades, Switzerland has succeeded in halving its debt-to-GDP ratio. This constitutes genuine advancement.
In addition to Switzerland, other European nations and the European Union have successfully adopted fiscal regulations modeled on Switzerland. They limit spending growth to the rate of income growth, provide flexibility to balance the budget over the business cycle, and even include provisions to limit spending on Social Security. Not only are these rules effective, but both citizens and elected officials support them. Perhaps it is time for us to take a cue from our European counterparts and implement similar regulations in the United States.
Implementing Swiss-style fiscal regulations in the United States will not be as simple as obtaining a Swiss chocolate bar online. Congress has repeatedly demonstrated a preference for ignoring the problem over actually resolving it. However, this does not mean we should give up. Article V gives us, the people, the authority to propose amendments to the Constitution. We have been proposing Fiscal Responsibility Amendments for more than fifty years. It is time for Congress to stop dithering and actually convene a convention to address this issue.
There may be some glimmer of hope on the horizon. Jody Arrington (R-TX), chairman of the House Budget Committee, has introduced HCR 24, a resolution that would require Congress to tally state resolutions proposing a Fiscal Responsibility Amendment and call for an amendment convention. Additionally, state attorneys general have filed a mandamus action against Congress for neglecting to perform its duty. It is time for us, as citizens, to exert our influence and advocate for genuine fiscal responsibility.
We cannot rely on our debt-weary representatives in Congress to solve this problem on our behalf. It is time for us to assume responsibility and take action. Therefore, let's unite, propose amendments, and make ourselves heard. Let's demonstrate to Congress that we will not tolerate defeat when it comes to the fiscal future of our nation. Together, we can make a difference and assure fiscal responsibility for future generations in the United States.
