1.13 Monetary Policy

The original Constitution requires “a regular Statement and Account of the Receipts and

Expenditures of all public Money shall be published from time to time.”  The New Constitution requires the President to publish an accounting of receipts and expenditures every April 1^st.

In order to tighten up our budgeting system, something needs to be done to stop Congress from borrowing from other government funds, such as Social Security.  Congress borrows in order to spend but they don’t pay back which jeopardizes the funds.  The New Constitution continues to allow Congress to move money around like this but it requires the discipline of a set payback period to the fund that was raided.

The New Constitution also specifies that all debts incurred by the United States (with Congress’s authorization) must be paid back and paid back in a timely manner.  None of this was addressed in the original Constitution; I guess the writers just assumed just debts would be paid in a timely manner.

Read the New Constitution at http://www.newconstitution.info/images/New_Constitution.pdf 

Next: 1.14 Taxation