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Thread: Congress Said to Delay Automatic Budget Cuts Until March

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by Prof. Peabody View Post
    We need a balanced budget amemdment to the Constitution.
    I'm not sure such an amendment would work. Most states have balanced budget amendments. Yet, many of them have consistently run deficits on a total budget basis or via dramatic increases in their unfunded liabilities (insufficient funding of health and pension benefit obligations might create the impression of a balanced budget, but the impact is the same as deficit spending: a pile-up of debt). The end result has been weak fiscal positions in a number of states, including but not limited to Illinois and California.

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    How would WWII have worked out if we'd had a balanced budget amendment?
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    I have absolutely no faith that we're ever going to see legitimate spending cuts. We've created plans, we've implemented programs to decrease spending and at the next-to-last-minute we throw it all out the window and say, "We can't do that now...not a good time."

    It's like having a blow out on the highway and saying it's not a good time to pull over. Stop causing even more damage to the system by delaying what must be done and just DO IT. The country will survive the pinch.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    they made a deal, they should stick to the deal.

    they suck.

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by AdamT View Post
    How would WWII have worked out if we'd had a balanced budget amendment?
    Are you SERIOUSLY comparing TARP, stimulus, the 2000 census, foreigh aid or "nation building" in Iraq/Afghanistan with WWII? Perhaps cuts in, rather than ads asking for more, SNAP applications, would be a better strategy in "hard times". During WWII rationing of many items was done almost VOLUNTARILY nationwide to help with our war effort. That debt was also paid off very rapidly. There is now a permanent gov't dependent underclass of about 15% of our nation's population that are virtually DEMANDING that they be given better FREE medical care in addition to all their other free benefits. How many illegal aliens did this nation "ignore" during the WWII era? When times get tough, the NATION must work together to set PRIORITIES. The idea that we need a NASA art program, GSA parties, "experimental" development of green energy trinkets and a cowboy poetry festival funded by borrowing money from future generations is INSANE.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by AdamT View Post
    How would WWII have worked out if we'd had a balanced budget amendment?
    It wouldn't. Trying to substitute a constitutional requirement in place of an unwillingness among political leaders to make tough choices won't work. Such requirements would either be circumvented or they would be so rigid that the nation would find itself handcuffed in cases where fiscal flexibility is required. I don't support such an amendment. The example of the states provides one illustration of the limitations of such a device.

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    solution: Congressional term-limits.

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Mark my words, Democrats will get tax cuts eliminated without a single spending cut. And it's doubtful those cuts were ever real spending cuts anyway.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by donsutherland1 View Post
    possibly starting with a macroeconomically painless increase in the Social Security eligibility age
    I am not convinced that increasing the eligibility age is as painless as it seems. There is evidence that suggests that the lowest income representation of S.S. also has the lowest probability of actually living to see any disbursements. Of course we can confirm this logically due to the relationship between income (or wealth) and life expectancy in the U.S. IMO, it would be more appropriate to means test all increases in the eligibility age.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Congress Said to Delay Automatic Budget Cuts Until March

    Quote Originally Posted by ttwtt78640 View Post
    Are you SERIOUSLY comparing TARP, stimulus, the 2000 census, foreigh aid or "nation building" in Iraq/Afghanistan with WWII?
    Obviously not. Did I say anything about TARP, stimulus, etc.? No, I asked what would have happened during WWII if we'd had a balanced budget amendment. Because when you pass a constitutional amendment it doesn't just apply this year, or next year. It's something that's very hard to get rid of once you've passed it. So, God forbid we should get into a major war sometime in the next 10 or 50 or 100 years, or have to face a huge natural or unnatural disaster and have to deal with a constitutional crisis because some nimrods in 2013 passed a short-sighted amendment that ties the government's hands.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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