Reckless government spending and an uncontrollable federal debt have created an unavoidable monetary disaster ahead. The door to unlimited federal spending was opened by President Nixon in 1971 when he severed the last link between the dollar and gold by ending foreign central banks’ ability to exchange dollars for U.S. gold. Politicians realized that more spending produced more votes to keep them in office; and with no limit on federal spending, the mountain of debt just kept on growing.
Attempts have been made to limit federal spending through a balanced-budget process. Unfortunately, our government has become so structurally corrupt that Congress will never reduce spending. It is politically impossible to elect dedicated, knowledgeable people in sufficient numbers to achieve this. Congress passed laws in 1978 and 1985 to balance the budget, but later Congresses ignored them. Constitutional amendments were introduced in 1982, 1986, 1990, 1994 and 1995, and Congress voted down every one of them, even the particularly toothless ones in 1994 and 1995. Congress has proven worthless as far as reducing spending. It is not about to trim its own power. That power must be taken away! There is fortunately a way to do this: a Constitutional Amendment by a new constitutional convention called by the states.
The Constitution provides two methods for initiating amendments to that document. The first, which has been utilized for all amendments in our history, provides for Congress to initiate proposed amendments; but our Founders were wise enough to provide an alternative if that should be necessary. The second method is through a constitutional convention called by the states. Amendments proposed by either method must then by ratified by three-fourths of the state legislatures in order to become part of the Constitution. Now is the time to utilize this second procedure to achieve a balanced budget amendment that the first method has failed to provide.