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- May 30, 2017
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The title sort of says it all. An amendment making deficit financing illegal, except in times of declared war, for the governments of all fifty states and the Federal Government. Compliance could be phased in over a five or ten year period but once the cutoff date was reached governments could only spend what they raised in revenues each year. Should this also be applied to municipal and county governments?
This would also force Administrations to come to Congress for declarations of war if large scale (expensive) military operations were to be conducted. Of course there might also be a perverse incentive to start wars in order to over-spend revenues. But after a few such attempts, I think the American electorate would catch on and put a stop to that.
So what do Americans think? Is real and enforceable fiscal restraint worthy of a constitutional amendment?
Cheers.
Evilroddy.
This would also force Administrations to come to Congress for declarations of war if large scale (expensive) military operations were to be conducted. Of course there might also be a perverse incentive to start wars in order to over-spend revenues. But after a few such attempts, I think the American electorate would catch on and put a stop to that.
So what do Americans think? Is real and enforceable fiscal restraint worthy of a constitutional amendment?
Cheers.
Evilroddy.