The public policy blog of the American Enterprise Institute

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Discussion: (5 comments)

  1. I wish the GOP would simply resolve to impose the discipline of the debt ceiling. That would force a balanced budget (i.e. we would only be able to spend up to the $2.6 trillion we collect in annual receipts), without the hassle of amending the constitution. If we’re serious about a balanced budget, we already have the mechanism in place to force one — the debt ceiling!

  2. Instead of amending the constitution to force a balanced budget, why don’t we just adhere to the debt ceiling? Doesn’t that result in a balanced budget? As I understand it, once we hit the debt ceiling, the federal government can only spend up to the $2.6 trillion it collects in annual receipts. So, doesn’t the mechanism for a balanced budget already exist? The debt ceiling?

  3. Please read Conover regarding the debt.

  4. James Ashby

    ” The usual rap against a BBA is that it would prevent the federal government from stabilizing the economy. ”

    If the economy needs stabilizing, government has failed, government debt stabilizes bad government, not the economy.

    ” cap government expenditures at 18% of gross domestic product. ”

    Start government shrinking wholesale with a gold dollar, working people control what a dollar buys, not government, price controls are impossible. A gold dollar unites government’s interest with everyone’s, with the success of commerce, the minimizing of government.

    ” What’s wrong with the Senate GOP’s Balanced Budget Amendment? ”

    2 things:

    1) The 2nd part says nothing about principles of government, doesn’t belong in a constitution.

    2) A balanced budget is incompatible with fiat money, the 2nd part is only an issue because of fiat money. The US Constitution says regulate money’s value, the 1913 Federal Reserve Act changed the subject, said regulate how much money there is. No one at the Federal Reserve can say what a dollar is, if they did they’d be regulating money’s value, the constitutional directive means a standard of value. Fiat money constantly loses value no matter what, the Federal Reserve is for putting as much distance as possible between money’s value and the US government, guaranteed bad government and government debt.

  5. LeRoy Matthews

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