LITTLE ROCK, Ark. (KTHV) - Here's a THV Extra to interrupt our normal flow of news, so that we may talk about the gorilla in the room. No, wait. It's bigger than that. It's the dinosaur in the room. What am I talking about? ...The national debt.
The national debt is so big it has become the predator issue that strikes fear in the hearts and minds of citizens from every corner of the country.
Today, Arkansas' conservative caucus announced that in next week's state legislative session, they're introducing a resolution in support of the National Debt Relief amendment. Ultimately, this would give state legislatures the sole authority to raise the debt ceiling. Yes, this was the first step in taking that power away from Congress.
State Senator Jason Rapert of Conway was the spokesman, and backed up by the caucus, he got emotional as he gave his reason for this ambitions project. He maintained his children deserved a better future and that as a father he couldn't stand by while the house was on fire.
If the legislature says yes to the resolution, Arkansas would be the third state proposing a constitutional convention that would produce the debt relief amendment to the U.S. Constitution. 34 states are needed to make that convention happen.
The process goes this way:
1. A resolution is passed.
2. If 34 states pass a similar resolution, a constitutional convention is convened.
3. The convention produces an amendment.
4. If 38 state legislatures ratify the amendment, it becomes the law.
So what is it that makes a group of state legislators undertake the gargantuan task of getting a constitutional amendment? Answer, it's just so big.
Using several sources including a viewer e-mail that was later confirmed by economist Michael Pakko of the UALR Institute of Economic Advancement, we came up with this way to look at the deficit.
Let's say we're a family making $23,000 a year.
Last year our family spent $36,000. We also borrowed $13,000.
We already owed a whopping $101,000 on our credit card. Therefore, our total debt for our little family is $147,000. (Gulp)
Not good for a family only making $23,000. Also not good our efforts to fix it. Our family only promised to cut $1,100 off their spending in 2012.
It's obvious our country is in quite a hole. But, all is not hopeless. The debt service is painless to the country. Because of low interest rates we are not facing the debt service we faced in the Clinton Administration. The independent Congressional Budget Office also points out that their projections for economic growth over the next decade show that we'll get the deficit under control.
The mood of the country needs improving but there are signs. Witness the Super Bowl and Republican Clint Eastwood's commercial encouraging America.
It's obvious. It'll take a lot of work.