Keith’s Financial Responsibility Amendments – Part 1

Sep 5, 2023

Duration: 42 minutes

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In this conversation, I discuss the urgent need for three constitutional amendments, which I call the Financial Responsibility Amendments (FRAs). These amendments aim to address the financial mismanagement of federal, state, and local governments. I explain that the government’s excessive borrowing, raiding of public trust funds, and overspending have led to a dire financial situation. Criticizing the concept of modern monetary theory, which argues that monetarily sovereign governments can spend without constraints, I introduce the three FRAs: the Financial Heritage Amendment, the Public Employees Fairness Amendment, and the Regulatory Responsibility Amendment.

The Financial Heritage Amendment aims to ensure that debts are repaid within a reasonable time, protect public trust funds, and require accurate financial reporting. The Public Employees Fairness Amendment seeks to eliminate unsustainable defined benefit plans for public employees and create equal treatment for public and private sector retirement plans. The Regulatory Responsibility Amendment aims to ensure that Congress approves regulations before they take effect, require periodic review of existing regulations, and limit the use of executive orders by the president.

I strongly emphasize that these amendments are not partisan and do not infringe upon the rights of citizens. They provide a constitutional context for responsible financial decision-making and protect future generations’ ability to make their own choices. I acknowledge that the transition to sound financial management will be complex and require careful consideration of existing practices. I encourage young people to lead the charge in advocating for these amendments, as I believe that the survival and financial well-being of the nation depend on it.

I highlight the importance of the main goal of the financial responsibility movement, which is to achieve the ratification of all three FRAs and ensure their faithful implementation. I emphasize the importance of Article V of the Constitution, which outlines the amendment process, and assert that the fear of an open-ended convention is unfounded. We must take action to address the nation’s financial challenges and preserve its greatness. I highly encourage you (my viewers) to review the financial responsibility essay available here!

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