U.S. Balanced Budget Amendment Summit – July 5, 2019

1. U.S. Balanced Budget AmendmentSummit – July 5, 2019 Salt Lake City, Utah

2. Purpose:  To Discuss Constitutional Options Addressing Unsustainable Federal Deficit Spending   Participants: • Congressman Ben McAdams (D-UT) • Ms. Tiffany Clason, District Office Director for Ben McAdams • Mr. David Biddulph, Co-founder of the Let Us Vote for a Balanced Budget Amendment Campaign Participating via Conference Call: • Dr. Barry Poulson, Emeritus Professor of Economics, University of Colorado • Dr. John Merrifield, Professor of Economics, University of Texas at San Antonio • Mr. Mark Guyer, Let Us Vote for a Balanced Budget Amendment Campaign • Mr. Stuart MacPhail, State Legislators Article V Caucus • Ms. Mae James, Director of Communications, Let Us Vote for a Balanced Budget Amendment Campaign

3. The Problem: ”Unsustainable Deficit Spending” • Admiral Mullins: “The greatest threat to our national security is our debt” • Erskine Bowles: “I think today we face the most predictable economic crisis in history.”

4. The Solution: A Balanced Budget Amendment (BBA)

5. Utah State Convention Ratifies 21st Amendment Repealing Prohibition: December 5, 1933 • The Salt Lake Tribune • “Utah voters said no to Grant and yes to repeal. The vote wasn't even close: 102,224 for repeal, 65,898 against.” • “On Dec. 5, 1933, the Utah Legislature convened a constitutional convention to ratify officially the 21st Amendment”

6. What Constitutionally Imposed Fiscal Limits Maximize Prosperity and Sustainability?

7. Switzerland’s ”Debt Brake” • Constitutional Amendment ratified by 85% Vote of the People in 2001 • Requires annual spending, excluding Social Security, to grow no faster than trendline revenue.  • Results (IMF) • Second highest GDP/Capita in the World after Luxembourg • Lowest borrowing cost of any country in the World @ - 0.75%/year interest • Spending growth per year declined by 2.2% (from 4.3% before 2003, to 2.1% after)

8. GDP/Capita: Switzerland #2 in World 2018 @ $82,900 vs. U.S. @ $62,600

9. Swiss ”Debt Brake” Generates Budget Surpluses Starting after the 3rd Year in Effect

10. Swiss Debt Brake Results Cuts Debt/GDP from 47.9% in 2003 to 27.7% in 2018

11. Swiss Debt Brake Accommodates 2.1% Average Annual Spending Growth 2003-2018

12. Colorado Voter Approved Taxpayer Bill of Rights (TABOR) in 1992 “Restricts the growth in state revenue and spending to inflation plus the percentage change in state population.”

13. “Roadmap for America’s Future”Author: Hon. Speaker Paul Ryan • Assumes Annual Discretionary Spending Growth is limited to inflation plus 0.7%/year • Stabilizes finances of Social Security and Medicare Trust Funds • CBO 75 Year Score: Roadmap Pays off U.S. Debt vs 700% + Debt to GDP under current law:

14. ”Roadmap for America’s Future” • Assumes annual discretionary spending growth is limited to inflation plus 0.7% per year • Stabilizes finances of Social Security and Medicare Trust Funds • CBO 75-Year Score: Real GDP/Capita quadruples from $40,000 to over $160,000 under the Roadmap vs. depression under current law:

15. Could Raising Income Tax Rates Pay for Current Law Spending Growth? CBO: “Unworkable”

16. U.S. Voters to their Representatives: “Let Us Vote for a Balanced Budget Amendment”

17. 83% of U.S. Voters Say: “Let Us Vote for a Balanced Budget Amendment”…Regardless of Party Affiliation

18. 45% of U.S. Voters say: “To get my vote, ‘Let Me Vote for a Balanced Budget Amendment’”

19. How Let Us Vote for a BBA Pledged Candidates Can Database Citizens Wanting to Vote • Add the free LUV-BBA Polling “Button” to your Web site, email and social media • Send out a press release announcing your position vs. opponent(s) • Ask the question at town hall meetings & debates: “Who should decide if a Balanced Budget Amendment is added to the U.S. Constitution: a vote of the people, or a vote of Congress?” (Note: our online polling is showing over 93% want a vote of the people vs. a vote of Congress!) • Mention that Congress has not balanced the budget since 1957 and that you are the only candidate who has Pledged to let them vote for a BBA.

20. Candidate Pledge to “Let Us Vote for a U.S. Balanced Budget Amendment” I _____________________ pledge to Support my Constituents’ Constitutional Right to Vote for a U.S. Balanced Budget Amendment. Candidates for President and U.S. Congress Pledge to SUPPORT BOTH:  A U.S. Balanced Budget Amendment that at a minimum: • Prohibits total federal spending from increasing faster than inflation up to 2% plus population with exceptions for Social Security and national emergencies. • Stipulates the state convention mode of ratification (a vote of the people). The Let Us Vote for a Balanced Budget Amendment Resolution that: • Sets the time and place (“call”) for an Article V Convention of States to propose a U.S. Balanced Budget Amendment, • Voids any convention-proposed amendment unrelated to balancing the federal budget and • Stipulates the state convention mode of ratification (a vote of the people).

21. Questions for Our Generation • Should we acknowledge that under current law: • ”We Face the most predictable economic crisis in history?” • “The greatest threat to our national security is our debt”? • Should 100% of our children’s payroll tax deduction in 10 years go to pay the interest on our national debt? • Should we increase federal income taxes by the CBO estimated 150%+ to fully pay for current-law services? • Should Congress this year either: • Propose a U.S. Balanced Budget Amendment or • Call an Article V Balanced Budget Amendment Convention of States? • If not us, who? • If not now, when?