View Poll Results: Balanced Budget Amendment

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  • Yes

    15 48.39%
  • No

    14 45.16%
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    2 6.45%
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Thread: Balanced Budget Amendment

  1. #21
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    Re: Balanced Budget Amendment

    Quote Originally Posted by code1211 View Post
    We are 15 trillion in debt sand rising like the debt was riding an Atlas rocket.

    When might be a better time to try and rein in spending?
    When doing so wouldn't put the clamps on short term growth. (i.e. when we're in shouting distance of quasi normal labor market conditions.)

  2. #22
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    Re: Balanced Budget Amendment

    Quote Originally Posted by code1211 View Post
    We are 15 trillion in debt sand rising like the debt was riding an Atlas rocket.

    When might be a better time to try and rein in spending?
    I believe he's referring to the fragile state of the economy. If we were to suddenly balance the budget by raising a bunch of taxes or by drastically cutting services, it would put us in a world of hurt. This could be counteracted by allowing the first balanced budget to happen gradually. Maybe it gets balanced over a 5 to 7 year period.

    Congress should also be allowed to unbalance it to deal with true emergencies like we had to with World War II. Then we have to find a way to prevent the government from drumming up some bogus conflict as an excuse to unbalance the budget.

  3. #23
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    Re: Balanced Budget Amendment

    Quote Originally Posted by ChunkySalsa View Post
    I agree with the basic Keynesian principle of deficit spending during recessions and paying down the debt during the booms. A balanced budget amendment would tie their hands and prevent the government from moderating the excesses of the market. We should work to balance the budget, but preventing unemployed people from rioting in the streets is a higher priority.
    Except that the basic principle has never really been followed... The Debt does not get paid down during booms, because politicians don't want to be associated with being the one that raised taxes to pay the bills. That is one of the fundamental flaws of Keynesian.
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  4. #24
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    Re: Balanced Budget Amendment

    Quote Originally Posted by Luna Tick View Post
    I believe he's referring to the fragile state of the economy. If we were to suddenly balance the budget by raising a bunch of taxes or by drastically cutting services, it would put us in a world of hurt. This could be counteracted by allowing the first balanced budget to happen gradually. Maybe it gets balanced over a 5 to 7 year period.

    Congress should also be allowed to unbalance it to deal with true emergencies like we had to with World War II. Then we have to find a way to prevent the government from drumming up some bogus conflict as an excuse to unbalance the budget.


    The gradual approach is the best one, as long as it's not too gradual. 10 years or less.

    Any "emergency" loophole will be exploited. If the budget balance can be abandoned for a "national emergency", there will be a national emergency every freaking year and we all know that's true.

    Our lawmakers are like junkies and money is their drug. You can't seriously think they can control themselves when they never have before , do you?

  5. #25
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    Re: Balanced Budget Amendment

    Quote Originally Posted by code1211 View Post
    Maybe a part of the budgeting process would need to include the establishment and maintenance of a Rainy Day fund.
    I do like that idea, except that I fear politicians will find numerous excuses to raid it like they did the Social Security Trust Fund. We would need to set it up so that there are serious political consequences for raiding the emergency fund without a serious and compelling reason. What drove me nuts when Clinton and the Congress finally had the budget balanced, every politician had a plan for how to spend the surplus. Did any politician consider NOT spending it? How about paying down the debt with it, especially the part of the raided SS Trust Fund.

    Quote Originally Posted by code1211 View Post
    The gradual approach is the best one, as long as it's not too gradual. 10 years or less.

    Any "emergency" loophole will be exploited. If the budget balance can be abandoned for a "national emergency", there will be a national emergency every freaking year and we all know that's true.

    Our lawmakers are like junkies and money is their drug. You can't seriously think they can control themselves when they never have before , do you?
    That does concern me, but I'm glad we weren't required to have a balanced budget during WW II. That was truly a justified reason for deficit spending. We were facing a dangerous enemy that likely would have destroyed us if they had won. The emergencies allowed would have to be very clearly defined, meaning we can deficit spend if our very survival is at stake. This has to go hand in hand with allowing for war ONLY when Congress authorizes a specific war. No more of this BS of giving the president authority to act without a formal declaration.

    Quote Originally Posted by ChunkySalsa View Post
    I agree with the basic Keynesian principle of deficit spending during recessions and paying down the debt during the booms. A balanced budget amendment would tie their hands and prevent the government from moderating the excesses of the market. We should work to balance the budget, but preventing unemployed people from rioting in the streets is a higher priority.
    What I wonder is if we could be Keynesian without any deficit spending at all. I like the idea of a rainy day fund that would be similar to the strategic oil reserve. When times are booming it's strictly hands off the rainy day fund. When the economy sucks, we're allowed to stimulate the economy with that fund. That way we end the cycle of borrowing and paying so much interest.

  6. #26
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    Re: Balanced Budget Amendment

    Quote Originally Posted by Dagger View Post
    What do you guys think about a Balanced Budget Amendment to the constitution? Personally I think it would be a great amendment except for the fact that Democrats and some Republicans would relentlessly raise taxes to comply with the amendment. A possible solution to this is have a 5 year fixed tax rate, basically saying the government cant raise taxes in order to comply with the balanced budget amendment unless there is a 3/4 majority to do so. Also, congress members would get a pay cut if the budget wasnt balanced in time.

    Thoughts?
    If we actually had judges that enforced an amendment we already have-the Tenth Amendment, we would need only about one fifth the amount of taxes to pay for the legitimate functions of government that would be left

  7. #27
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    Re: Balanced Budget Amendment

    What if we had a balanced budget amendment during ww2.

    Balanced Budget Amendment-8-1-11-jpg
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  8. #28
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    Re: Balanced Budget Amendment

    Quote Originally Posted by 99percenter View Post
    What if we had a balanced budget amendment during ww2.

    Balanced Budget Amendment-8-1-11-jpg
    yeah Germany could have taken over America where half of the citizens own high powered rifles (no thanks to the dem ninnies)

    I think not

  9. #29
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    Re: Balanced Budget Amendment

    Quote Originally Posted by TurtleDude View Post
    yeah Germany could have taken over America where half of the citizens own high powered rifles (no thanks to the dem ninnies)

    I think not
    Would we be speaking german or japanese?
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  10. #30
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    Re: Balanced Budget Amendment

    Quote Originally Posted by TurtleDude View Post
    If we actually had judges that enforced an amendment we already have-the Tenth Amendment, we would need only about one fifth the amount of taxes to pay for the legitimate functions of government that would be left
    10th amendment? is that what your boy bush had in mind when he passed medicare part d and no child left behind.?
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