US Deficit (4)
The National Debt is increasing and reaching a critical stage where something serious needs to be done.
Is there solution?
What would you do if your personal debt is continuously increasing and becoming more and more difficult to manage?
Wouldn’t you lay down rules for yourself as to what items you would spend on, and what item of income you would put effort to increase?
That’s what the government needs to do.
But is there a way to increase the revenues?
Aren’t people already complaining of the huge taxes they get to pay?
Mention IRS or taxes and there immediately is a grim expression on the face, with a clearly perceived grumpiness!
Did you know that the founding fathers actually thought it over and put in Article V, to be used when needed (like in the current scenario)?
Any budget amendment, once proposed, needs to be ratified by three-fourths of the states in order to come into force, and over 28 states out of the required 34 have already called for a convention.
As the convention is being called for to discuss and deal solely with the debt issue, it is considered to be safe without any negative implications.
Moreover, the convention can only propose amendments – it cannot change the constitution.
Our past experience also has been that making amendments is a safe process and the founding fathers of the constitution have designed it so that it can be amended at a future date, if required.
As a preview to a complete overhaul of the current tax system, I invite you to download my report “Done with Cash” for free, when you apply for it.
Tags: Banking Crisis, Corney's Model, Financial Crisis, Geithner, IRS, Stimulus Bill, Taxes
