urging them to balance the budget and lower the national debt.
The
letter asks for four things: that the national deficit be cut now by
$500 billion, that spending caps be enacted, that there be no increase
in taxes, and that a balanced budget amendment be passed. The letter
states in part: “We believe that this is a moral, fiscal, and national
security imperative” which needs immediate attention.
“The
national debt is immoral and presents a clear and present danger to the
security of America,” says Mathew
Staver, founder and Chairman of Liberty Counsel. “We call upon the President and Congress to slash
the national debt. Time is of the essence, as the debt crisis is of
utmost urgency.”
This
letter is signed by national leaders of multiracial, multiethnic, and
multigenerational faith-based and policy organizations representing over
40 million people, who are united by one or more core conservative
values expressed in the Declaration of American Values.
Under
the principle of supply and demand, the world’s available loans are
being used at an unsustainable rate. As the supply of available finances
dwindles, the cost of each loan increases. Without the necessary supply
to accommodate the government’s incessant demand for capital, Congress
will be forced to print money, which will cause hyperinflation. Our
current trajectory indicates that we are headed toward a debt wall that
could be reached in as little as two years.
If
we do not take action now, Liberty says, the result will be inflation and excessive
interest rates that could cripple our nation. At the beginning of this
month, the average home holds responsibility for $122,043 in national
debt. Already this amount is costing the average American household an
astonishing $2,000 a year, according to Jim Toedtman with the AARP.
These are serious threats to each and every American, regardless of skin
color, location, or status. The organizations that comprise the Freedom
Federation and all its supporters propose that each of the four steps
outlined in the letter be taken immediately to promote our nation’s
financial future and security.
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