Substantial Commentary #2

One of the big concerns that goes on within the United States is the national debt, which is a result of the budget deficit. Borrowing money that you don't have, then you owe and the interest builds, which in turn can lead to bankruptcy. I truly believe that the US needs to get a handle on the countries budget. because it is only increasing on a daily basis. Especially since Bush has gone into office and borrrowed so much money for this war, or so called "Operation Iraqi Freedom." At least when Clinton was in office the national debt had decreased a fair amount. Hopefully this presidental election will bring forth a strong candidate that will use some tactics to decrease the nations debt.

The US national debt is up to $9.5 trillion. Some of the national debt is being borrowed from social security. Currently, there is more being payed into the Social Security Trust Fund than is being paid out to beneficiaries. What's left over is routinely being "borrowed" and used as if it were general budget revenue. Basically the money in the social security trust fund has been spent, which makes social security a very large borrowing tool. The rest of the national debt is from the issuance of Treasury Bills. Currently, the Chinese government has a huge portion of these Treasury Bills. This poses a threat to our financial security because we are competing with China in the global economy.

But there is an alternative solution that we could use in order to balance the country's budget. A mandatory permanent change in how government spends money . How about a national convention to propose a federal balanced budget constitutional amendment. That would put a sensible limit on government power. Since congress and the president don't know how to put a handle on things how about a constitution amendment that forces them to curtail wasteful spending and deter excessive borrowing.