Ed Butowsky wrote an article last week in which he explains why the latest jobs numbers will do nothing to decrease the U.S. deficit, to say nothing of the national debt.
On average, each new full-time job pays around $50,000, a salary that translates to about $12,500 in federal income tax. When we divide $600 billion [the national deficit] by $12,500, we learn that we need to add 48 MILLION new full-time jobs to make up the deficit.
So how do we eliminate the deficit? We not only have to increase job growth at multiples of what we’re doing now, but we also have to cut spending – drastically.
If we doubled the number of jobs created each month to 400,000, it would reduce the deficit by $60 billion in a year. This means we would have to cut expenses by 15 percent to eliminate the remaining $540 billion deficit.
But our government is incapable of cutting expenses. Remember the big fight over the sequester? All that did was slow the rate of increase in spending, not cut total spending itself.
Clearly, we’re in trouble. But Mr. Butowsky fails to mention the most effective tool the people have to force the federal government to cut expenses. Using the Convention of States process outlined in Article V of the Constitution, the states can propose and ratify constitutional amendments that would limit Washington’s ability to spend money. A balanced budget amendment, for example, would ensure the country never operates on a deficit ever again.
If you’re tired of worrying about the financial security of the United States, we encourage you to get involved with the Convention of States Project. You can learn more on this page and sign up for your state team in the Action Center.