OPINION:
I have been fighting for more than 30 years to restore federal fiscal sanity and sustainability from various positions on the battlefield both inside and outside of government. Contrary to the concerted efforts of many, federal elected officials are continuing to mortgage the future of our nation, our children/grandchildren, and future generations at or near record rates. Failure to change course will have serious adverse economic, national security, and domestic tranquility consequences over time. Doing nothing is irresponsible, unethical, and immoral.
Apart from fiscal years 1998-2001, the legislative branch has failed to impose fiscal discipline and address our huge structural deficits and mounting debt burdens. Members of Congress talk about the need to cut spending and reduce our debt, but their actions do not match their words. There are a few exceptions from the general rule, including House Budget Committee Chairman Jodey Arrington (R-TX). In addition, periodic calls by some elected officials for a fiscal responsibility amendment to the Constitution amount to not much more than hot air.
The only president who has demonstrated clear and consistent fiscal discipline in the past 30 years is Bill Clinton. Every other president presided over an increase in public debt/GDP of differing magnitudes. Things began to spin out of control in 2003 and accelerated after 2008.
President Trump has demonstrated a commitment to cut spending, reduce regulations, and right-size the federal government through the establishment of DOGE. However, he also wants to extend his 2017 tax cuts so it remains to be seen what his second term debt/GDP record will be.
Several state attorneys general have privately stated their willingness to sue Congress for failure to call an Article V Convention of States to propose a fiscal responsibility amendment as far back as 1979. However, their private assurances have yet to be translated into public action. Their willingness to sue is of critical importance. If they fail to act, they will be condoning the Congress’ effective decision to moot the states’ right to hold a Convention of States to propose Constitutional amendments. A right that was a key provision needed to achieve adoption of the Constitution in 1789.
Several Federal Reserve Chairs have expressed their concern regarding our nation’s fiscal path. However, the Fed has periodically resorted to looser monetary policies based on short-term versus structural economic factors.
The Treasury Department, OMB, GAO, and CBO have all expressed concern regarding our unsustainable fiscal path for many years. Even Elon Musk, the richest person in the world, has expressed serious concern about this matter. Despite these calls, the Congress and the president have not changed course.
Various “inside the beltway” focused fiscal advocacy organizations continue to sound the alarm, but their combined efforts have not made much of a difference. Total federal debt/GDP is too high and headed much higher on our current path. Most of these organizations have not shown the willingness and/or ability to create a meaningful national grassroots effort to pressure Congress to change course. No Labels has the potential to do so.
Beyond reducing bloated baseline spending levels, three actions are needed to achieve sustainable success. DOGE must aggressively pursue options for the President to reduce spending in a transparent manner consistent with the President’s authority. DOGE should also recommend additional actions that should be pursued which would require legislation or even a Constitutional Amendment. At the same time, DOGE needs to be much more targeted and transparent regarding its plans and activities.
Congress and the president should work together to create a statutory Fiscal Sustainability Commission that would actively engage the American people and make two packages of recommendations that would be guaranteed a vote in Congress. The first set of recommendations should be to restore the solvency and sustainability of Social Security. The second should be a package of spending and revenue recommendations to reduce debt/GDP to a reasonable and sustainable level within the next 10-15 years.
We must adopt a Fiscal Responsibility Constitutional Amendment to control the size of government and stabilize debt/GDP at a reasonable and sustainable level. Only a Constitutional Amendment can bind current and future Congresses. If Switzerland, Germany, and Sweden can do it, we can too!
The recent activities of the BRICS nations, the rise in interest rates in 10-year Treasuries and increase in the price of gold represent market signals regarding growing concerns with the ability of our federal elected officials to put our nation’s finances in order. When will we change course?
After 30 plus years fighting for our country’s and family’s futures, I am tired of the continued delay, denial, and dysfunction from elected officials. President Trump should publicly support the above actions. It is time for our federal elected officials to discharge their stewardship responsibility to our country and citizens. Our collective future depends on it!
• Hon. David M. Walker is the Former U.S. Comptroller General and Chairman of the Federal Fiscal Sustainability Foundation.
Please read our comment policy before commenting.