Both official Washington and the chattering political classes have spent most of the past 12 months debating how to cut the government budget, reduce deficits, and limit debt. Key groups, and perhaps the most vocal and strident groups in the debate, have been the self-described "constitutional conservatives" and Tea Party types. They have staked out … Continue reading Founding Fathers Would Have Opposed A Balanced Budget Amendment – The Purpose of National Government Was to Borrow
One component of the deal to raise the debt-ceiling is a requirement that Congress vote later this year on a "Balanced Budget Amendment" to the Constitution. Is such an amendment a good idea? At first glance, the idea seems attractive to a lot of people for whom the debt and deficits are seen as the key … Continue reading Would a Balanced Budget Amendment Help or Hurt?
Apparently, the Republicans and Tea Partiers are insisting that the federal government budget be balanced immediately (the demand for no increase in the debt ceiling) and that it be done entirely from spending cuts (the "no tax increases" pledge) to discretionary spending. This is enough to demonstrate that they simply are not dealing in reality … Continue reading Arithmetic, Reality, and Dreams of A Balanced Budget