View Poll Results: Balanced Budget Amendment - Good Idea? Bad Idea?

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Thread: Balanced Budget Amendment - Good Idea? Bad Idea?

  1. #1
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    Balanced Budget Amendment - Good Idea? Bad Idea?

    In my personal opinion, a balanced budget is a bad idea for two basic reasons:

    Politicians will hide expenditures in off balance sheet financing making an accurate understanding of where the government's financial picture really is. Making our government even more corrupt and less beholden to the people.

    But secondly, my biggest concern is that it would be a death of a thousand cuts. During a recession as tax revenue dries up, the government would be forced to cut spending. Assuming no change to automatic stabilizers, spending would actually increase forcing even greater cuts. We'd deepen the recession by being forced to either raise taxes or dramatically cut spending. As economic activity declines due to aggregate demand falling, even less revenue would come in causing even more cuts. In theory, there's a real possibility that a balanced budget requirement would result in default as there would be no spending left except for debt servicing and any reduction in revenue from that point would result in insolvency. Basically, the balanced budget requirement would be death by a thousand cuts. To alleviate this, emergency spending would bypass the requirement but that begs the question of why even bother with the requirement in the first place if emergency spending simply bypasses it entirely?
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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    In all honesty I voted it as a bad idea.

    But I would describe it more accurately as a "novel" idea or perhaps an "ideal" idea.

    Its simply not practical, not in this day and age anyway, not for the worlds largest economy.

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    Quote Originally Posted by Jetboogieman View Post
    In all honesty I voted it as a bad idea.

    But I would describe it more accurately as a "novel" idea or perhaps an "ideal" idea.

    Its simply not practical, not in this day and age anyway, not for the worlds largest economy.

    They will pass amendments to amendments to allow either side when in power to over fund their own pet projects or unbalance the budget when they choose...

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    A budget is a budget.
    Household or national..
    Neither can be "balanced" if we wish to grow....to improve...this is the portion that must be done very carefully.
    Wars have nothing to do with growth nor improvement...
    Both budgets should be balanced.....but....only if the man or the nation wishes to stay mired in the stone age...

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    In my mind it would really depend on how the amendment was written, what its particulars were, and how its system worked.

    I have been a proponent of a flat tax system with no deductions. Based on this, I would have the CBO come up with an estimated revenue number for the next year, reduce it by 10% and then use that as the maximum expenditure number for Government spending the next year. All additional revenue would be used initially to pay down the deficit and then once the deficit was gone, be put aside for emergency war funding in the future. Additionally, I believe that any balanced budget amendment should require all expenditures to note which one (or more) of the 18 specific itmes laid out in Article I, Section 8 of the US Constitution it is related to. If one cannot be found, the Clerk of the House would not be able to accept it.

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    Personally I think it would be a great idea, as it would force several functions that government seizes against the people's will to be privatized, thus allowing a more efficient market to take control. Budget deficits exist because you...well, all of us...allow Washington a book of blank checks without the need of justification or accountability.

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    It would be a great idea, but it should be updated according to changes.
    To change it, it would require at least 60% of the senate, which I think is pretty good.
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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    The counter to the argument is...15.5 trillion in debt and counting with no end in sight...good idea or bad idea?

    Passing a balanced budget startiiiiiing...NOW! Go! is a bad idea. Legislation mandated spending cuts and targeted tax increases to pay down the debt is a GOOD idea. restructuring the fed and state governments is a GOOD idea. Reaching a 'balanced budget' which allows for, say a 10% overage spending in the event of disaster or war with the provision that taxes increase the following year to pay down the debt is certainly a workable solution.

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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    You always here the general public talk about holding Washington accountable, but nothing is ever done. At my work, by job is dependent on my performance. If I don't produce results, I don't get to keep my job. Why isn't government run like this?

    I like what Warren Buffet said...

    "I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
    I agree. There should be a set of standards that all branches of government have to meet and if they're not meeting those standards, they're fired. Let's REALLY hold these assholes accountable.
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    Re: Balanced Budget Amendment - Good Idea? Bad Idea?

    Quote Originally Posted by VanceMack
    Passing a balanced budget startiiiiiing...NOW! Go! is a bad idea.
    Well yeah, but when has Washington ever had a "startiiing...NOW! Go!" mentality? They move slower than a Special Olympics race.

    Frankly, I'd rather seem them outsource the budget to those who know what the hell they're doing, and focus more on trade balancing.

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