The Balanced Budget

The budget of the United States shall not exceed the previous year for which fiscal revenues are known. In the event of a national catastrophe, this can be override with a two thirds vote of each house and the President’s signature.

This should be phased in over 6 to ten years to reduce economic whiplash.

Included in this is a provision to pay down the national debt over forty years. IF you die in debt up to your eyebrows, your assets are sold to pay off your debts. Anything that is uncollectible is passed on in the cost of higher goods and services to the rest of us.

But for the US, there is no death day, no day of reconciling the books. By returning to a financial solvency, we can actually begin to make progress. I propose that whatever your taxable income, a surtax of 10% be used to pay down the national debt over this time period.