National debt crisis (part 2)

So against the backdrop of rising debt, where do we go in order to combat this problem? The Democrat solution to raise taxes? Except they just spend more. The Republicans solution to cut taxes to "stimulate the economy and generate more tax revenue"? Except it doesn't work and they just spend more to multiply the effect of falling tax revenue. Legislative priorities and the stomach of the collective society to deal with spending and taxes is going to ebb and flow. There is no real way to guarantee the way in which the national zeitgeist will change in the coming years and decades.

Therefore, what is essential is to box our politicians into an economic box that prevents them from overspending in the first place. This is why our first priority is a constitutional balanced budget amendment. Until we limit spending relative to our tax revenue, we cannot start to deal with the debt crisis. We can pass as many laws, regulations, executive orders, etc, as we are able to push through, but nothing will stop the federal government from overspending unless the government is unable to do so, period.

An amendment must not allow for tax revenue projections to balance against committed spending, as that is a recipe for deficit spending. It must base committed spending to tax revenue raised during the prior term so that the available funding is a known quantity. Second, it needs to account for accrued debt and interest payments in a way that varies with actual debt and tax revenue. Third it needs to allow for emergency spending, with a provision allowing deficit spending for emergencies but requiring allocation of future tax revenue towards that debt and not just running up new debt.

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