We support a debt free future because it is only fair and right to pay the debt we have incurred so our children and grandchildren are not stuck with our bills. When the government speaks about “raising the debt ceiling,” they are simply saying they need to borrow more money they won’t ever pay back. Continually increasing the debt of the United States puts an undue and unfair burden on future generations of Americans. It is fair and just to unburden our children from the national debt.
The current U.S. national debt is over $18 trillion, which means that every single American citizen’s share of the national debt is more than $56,000. This year the federal government will borrow 40 cents of every dollar it spends. The yearly budget deficit now exceeds $1 trillion while the national debt exceeds $18 trillion. Washington has not meaningfully reduced spending, regardless of which political party has been in control. Instead, Washington’s answer to these problems has been to simply ignore them by taking more of your money through taxation, raising the debt ceiling, and printing more money – instead of cutting back on the runaway spending and reducing the size of the government. This current path is unsustainable and must be reversed with policies that help us repair the damage and create a debt free future so that our children and grandchildren see greater opportunities ahead.
The solution is getting Washington’s spending under control. A simple solution to move toward a debt free future is the Penny Plan. Cutting federal spending by just 1 percent every year for the next ten years will cut more than $4.5 trillion from the debt. This means cutting just 1 penny out of every dollar the government spends each year. Requiring the government to spend one percent less next year than it does this year is a good way to get control of federal spending and finally begin reducing the debt. Ultimately, we need to make these changes permanent. To do that we must pass and ratify a balanced budget amendment to the Constitution which forces spending cuts if Congress fails to maintain a balanced budget once it is achieved.