The national debt and state deficits impose debt upon Americans without their consent, and load our economy with a fiscal anchor that will burden many future generations. Our escalating national debt is nothing less than theft from our grandchildren.
The West Virginia State Government should operate on a "pay as you go" basis, and not incur debt.
A debt-free government frees up economic resources, allowing for lower taxes, economic growth and lower interest rates.
The West Virginia CAFR for 2011 shows that Interest paid in 2011 was in excess of $123 million. Business And Occupation Tax revenues were $127 million in 2011. It is clear that it takes almost the entire tax to pay interest on the state debt.
Eliminate the national debt using an incremental approach, being careful to avoid social disruption. Demand and ensure a balanced state budget each year. Support the passage of a “Balanced Budget Amendment” to the US Constitution that restricts Congress from spending any more than it collected in revenue the previous year.
Eliminate earmarks, pork-barrel spending, and other forms of political corruption.
Congress should sell assets and reduce spending on non-essential functions to pay off the national debt as quickly as possible.