IT IS TIME FOR A BALANCED BUDGET AND DEBT ELIMINATION

The Federal Debt adversely affects every state in the union and while every President and Member of Congress (including candidates) proposes a long term solution, the reality is that any plan proposed or implemented will at best only survive to the next Administration or Congressional Term.

 

However, there is a long term solution to balance the budget and eliminate the national debt. That solution is a Constitutional Amendment. Every politician announces their support for the concept of a balanced budget constitutional amendment, but nobody to date has actually put forth a plan that will actually accomplish this objective.

 

The objectives of my plan are –

 

To reduce the budget deficit to ZERO (balanced budget) within 10 years

 

To eliminate the national debt within 40 years.

 

The particulars of my plan are -

 

Requiring Congress to annually fund the United States Government in a single act of the legislature with an absolute fixed date for the enactment thereof.

 

For a time-period of ten years the budget deficient shall be reduced by ten percent annually by restricting the borrowing authority of congress by ten percent per year until which at such time thereof no annual expenditures shall exceed annual revenue actually collected during the previous year thereof. Thereafter, for a time-period of forty years the national debt will be eliminated by one-fortieth (1/40) as the first annual budget expenditure with the remainder thereof allocated to funding the government thereof.

 

The United States Supreme Court will be designated as the Court of a Competent Jurisdiction to conduct Bankruptcy Proceedings in regards to such Constitutional Amendment thereof and authorized to enter such orders in the interest of justice to enforce such Constitutional Amendment thereof.

 

Provided that Congress has failed in a timely manner to enact such annual budget or where such annual budget thereof has failed to comply with the requirements of such Constitutional Amendment thereof, then SCOTUS would enter a Court Order authorizing the government to borrow funds not to exceed such amount as permitted by said Constitutional Amendment thereof, and to appropriate such funds not to exceed such amount as permitted by said Constitutional Amendment thereof to fund the government as the President may deem in the national interest.

 

Thereafter, Congress would be required to annually fund the government in a single Act of the Legislature or a Continuing Resolution with the limitation that expenditures would not exceed annual revenue collected during the previous year as on deposit in the National Treasury and such would be subject to review and enforceable by SCOTUS upon Petition by the President, any Member of Congress, or by SCOTUS Sua Sponte.

 

Benefits of my plan are –

 

A ten year transition to a balanced budget will simultaneously control out of control national debt and minimize hardships across all social-economic entities and individuals.

 

The elimination of the public debt over a forty year time-period will simultaneously stimulate the economy in an exponential manner while minimizing hardships across all social-economic entities and individuals. Likewise, insofar as a large percentage of the national debt is owed to the Social Security Trust Fund, such debt replacement thereof will ensure the solvency of the Social Security Trust Fund, especially so if a constitutional amendment was enacted to prohibit the withdraw of Social Security Trust Fund money for any reason other than to provide Social Security Benefits to Social Security Beneficiaries thereof.

Posted on 26 Apr 2018, 21:11 - Category: BLOG



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