There is plenty of academic research that proves the federal government has lost its ability to manage our nation’s financial obligations, as the total debt in this country has reached the statutory debt limit. If changes are not made now, this country will soon default on its debts to the detriment of investors and the American taxpayers. It is time to elect leaders with a plan to reduce the federal spending now and in the future, by passing a balanced budget amendment that will place reforms on entitlement programs and the mounting debt that will inevitably bankrupt this country.
The lack of a balanced budget has lead to out of control spending and a crippling debt load in this country. As a matter of fact, the last time the United States balanced its budget was in 2001. However, even that is up for debate. Imagine the implications if households across the country failed to live on a budget for that long, but in reality, that i...
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Heritage Foundation Federal Budget in Pictures. (2012). [Rising Deficits Drive U.S. Debt Limit Higher, Faster]. Retrieved from http://www.heritage.org/federalbudget/increases-us-debt-limit.
Kotlikoff, L. J. & Burns, S. (2005). The Coming Generational Storm: What You Need to Know about America’s Economic Future. Cambridge, Massachusetts: First MIT Press.
Panizza, U., Presbitero, A.F. (2013). Public Debt and Economic Growth in Advanced Economies: A Survey [Data File]. Retrieved from http://repository.graduateinstitute.ch/record/16599/files/Mofir078.pdf
Reinhart, C. M., Reinhart V.R., & Rogoff, K. S. (2012). Public Debt Overhangs: Advanced-Economy Episodes Since 1800. The Journal of Economic Perspectives, Volume 26, Number 3, 69–86
World Economic Outlook Database, October 2012, Retrieved from http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/index.aspx
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