The recent turmoil in the stock market is a sign of things to come. Investors have realized no one in Washington cares about debt. The Republicans have caved, and our reckless deficit spending will only end when the market leaves no alternative.
When we get to that tipping point — when interest and inflation finally spike — the politicians will, at last, be forced to act. They will have lost the confidence of the market, and they will have to win it back.
What is the alternative to draconian cuts and massive tax increases? A planned, multi-year downward ratcheting of deficits, to the eventual point of a balanced budget. But to convince a skeptical market that such a plan will actually be implemented, it must be set in stone, in the Constitution.
The role of the President in Article V of the Constitution has seldom been considered, because he has no formal role to play. But, in point of fact, no 3/4 amendment ratification can be achieved without the political support of the most powerful and influential politician in the country — the President.
Since he has a poltical veto, the President can largely dictate the outline of any balanced budget amendment coming from an Article V Convention of States. President Trump can have the amendment he wants. The actual implementation of the amendment can be timed to suit his needs.
This is Trump’s economy, and the market will force his hand. When that time comes, he can turn to the States, and their power under Article V, to save the country.