It seems clear after years of trying to tackle our ongoing deficit spending, that Congress has neither the will nor perhaps the desire to truly manage the people's money. While today is NOT the time balance the budget by increasing revenues and cutting services, it IS the time to plan for that day. Politically, the populace is nervous about the debt, the Republicans (disingenuously) rant about "liberal spending," and the world watches us with a nervous eye when we go to market our treasury bills. Therefore the climate is ripe for a bold initiative to mandate a balanced budget based on future circumstances. Republicans would struggle to nay say it, and the pols would all need to at least pay it lip service. The key to success is in drafting an Ammendment to the Constitution that kicks a balanced budget requirement in and out of action automatically on a set of predetermined rules. For example, when the nation has had X number of consecutive quarters of growth and or the unemployement rate has fallen to Y%, the annual deficit would decrease by $N or N% per year until balanced. Conversely, the balancing act could revert on some basis to deficit spending being allowed in the case of economic downturn, a 2/3rds vote of Congress (no less, please!) or a Declaration of War by the Congress (not like that lame bit we did going in to Iraq). So, true fiscal discipline can become law at a future date based on parameters negotiated now by both parties. Hell, let the Republicans set the parameters!
A Balanced Budget Ammendment
Tags: consititution budget debt politics
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