So how do we go about reigning in government spending, allowing for the opportunity to get ourselves on the path to debt freedom and financial independence? I would really appreciate your comments on the matter, as well as your thoughts in relation to the options I am about to present.
I believe one step in the right direction would be for the passage of two Constitutional amendments: 1.) limit the number of terms (for life) that any one citizen may hold office as a United States Representative and/or Senator, and 2.) require that budgets be truly balanced (but preferably with a surplus that is then directed to paying down the national debt,) eliminating borrowing being necessary to fund operations.
As we individual citizens do, in our own private households, if we don’t have the money, we don’t buy it…or fund it. If our credit cards are maxed out and yet we continue to borrow money from Aunt Martha (aka China, Japan, etc.) to fund our extracurricular activities and pet-projects, we will never get back on track to debt freedom.
A FABRICATED balanced-budget amendment proposal, attributed to Warren Buffet, circulated the internet a few years ago after Buffet, during a CNBC interview in 2011, said that he could fix the national deficit in five minutes, stating “you just pass a law that says that any time there’s a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election. Yeah, yeah, now you’ve got the incentives in the right place, right?” (Truth or Fiction.) While Buffet has never seriously and actively called for such an amendment, how is this not a good idea?
If politicians know they’ve only got a set amount of time in office, they could focus on accomplishing things that are beneficial to the country as a whole, as opposed to focusing their efforts on getting reelected. Limiting the number of terms they can serve would help with this. While I find the 3% in Buffet’s statement to be too lenient (i.e. I say ZERO deficit,) if you tack on losing the eligibility of reelection if the budget is off, our elected leaders may actually pay more attention to where all of those dollars are going and utilize them more diligently.
While I am sure there are good-hearted, well-meaning Congressmen/women out there, by-and-large, the majority seem to refuse to stand up and do the responsible things that need to be done to ensure a strong financial future for our children and future generations. They are simply too busy pleasing specific groups of people, no matter the cost, to ensure their reelection. This stresses the importance of educating our children, and every possible person for that matter, in the matters of personal finance so that we may usher in a new generation of leaders who may one day stand up for what is right and have the capabilities of bringing our balance sheets back into the black.
Just for funsies and a chuckle…if you’d like to help get us back in the black ASAP, please utilize one of the following options to make a contribution to reduce the national debt:
- At Pay.gov, you can contribute online by credit card, debit card, PayPal, checking account, or savings account.
- You can write a check payable to the Bureau of the Fiscal Service, and, in the memo section, notate that it’s a gift to reduce the debt held by the public. Mail your check to:Attn Dept G
Bureau of the Fiscal Service
P. O. Box 2188
Parkersburg, WV 26106-2188
As of the writing of this post, the national debt stands at $19,007,500,000,000. Divvied up between the approximately 323,000,000 men, women, and children in the United States, your personal share is currently $59,000…but hurry!, the debt total has climbed another $10 MILLION in the time it took me to type this sentence! I can hardly imagine how high it has climbed by the time you are reading this.
Tune in tomorrow for the final post in this series, where I will be asking for your help, if you’re interested. If you’ve been following along and feel like I do, I hope you will be. As always, don’t forget to follow along via WordPress, or with your e-mail in the right-hand column, to ensure you don’t miss the remainder of the series or any future posts. My family and I would love to have you along for our journey; have a wonderful day!