There are a lot of politicians talking about cutting deficit spending. Now, I have not heard every pundit or politician weigh in, but has anyone heard people talking about reducing the debt? America is $14,000,000,000,000+ in debt. These are obligations owed to foreign governments, the Federal Reserve, and other debtors. The fed should be the last to get paid back, because they shouldn't be buying the debt, but that may be a story for another day.
Deficit reduction is a key first step, but federal expenditures need to be at least $250 billion below receipts to help start reducing our principal obligations. The government may be able to wipe away some mutual debts with nations where each holds the other's debt. Our first goal should be to pay back those like the Chinese, who may not have our best national interest in mind. Without a firm plan to reduce the principal on our debt, the government will continue to spend an increasing share of revenues to service the debt. This lines the pockets of our lenders, and frankly, provides no benefit to the taxpayers saddled with paying the bill.
To combat this, it is increasingly clear that the need for a constitutional amendment that forces congress to live within its means, in all circumstances except war, is required. Not only will this ensure congress live within its means and make the "hard" decisions of what to cut, it would help to decrease our military footprint without harming our national security. Since the congress is too afraid to actually declare war, it poses the potential to force people to go on record when a conflict presents itself. This was a potential oversight of the founders, and one that requires corrections now.
