By Barry Poulson
Politicians have basically given up on addressing our debt crisis. For decades, the national debt has grown at an unsustainable rate. Today, it stands at a mind-boggling $37 trillion.
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Both political parties have thrown in the towel. But before we give up, we should understand how other countries have solved their debt crisis. Among the most successful of these countries is Switzerland.
In the early 1990s, Switzerland was experiencing unsustainable growth in debt that threatened economic stability and long-term economic growth. Swiss citizens had been successful in enacting debt brakes at the cantonal and municipal level. Swiss citizens asked the obvious question: if we have been successful in enacting effective fiscal rules at the cantonal and municipal level, why can’t we do so at the federal level?
The initiative and referendum gave Swiss citizens the power to amend the constitution at all levels of government. In 1991,