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In reply to the discussion: I would like some opinions please..... [View all]TreasonousBastard
(43,049 posts)15. Aside from what's already mentioned-- such an amendment won't stop debt...
We already have billions of "off budget" expenses, like most of the Iraq war, and that won't stop.
The loopholes would be astounding. Should it become unconstitutional to borrow to pay the bills, a new entity will be set up to do the borrowing-- Social Security will be set up as a quasi-governmental corporation like the Post Office and allowed have its own debt pool. The Pentagon, too, and maybe the federal judiciary... Everything the government does will be privatized to some extent and the loans backed by the government.
What a mess it would be.
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Demagoguery for folks who are economically illiterate and thus buy the
coalition_unwilling
Aug 2012
#2
True Headline, Sir: Polls Show People Know As Much About Macro-Economics as A Dog Knows About Chess
The Magistrate
Aug 2012
#16
(...can't be a very smart dog--he's got the queen on the wrong colored square...
lastlib
Aug 2012
#78
Aside from what's already mentioned-- such an amendment won't stop debt...
TreasonousBastard
Aug 2012
#15
Final nail in our coffin. Thankfully there is no way to get an Amendment through the process
Egalitarian Thug
Aug 2012
#52
Yes and we have always been able to carry a deficit from one fiscal year to the next....
WCGreen
Aug 2012
#70
From one year to the next. Especially if the cash flow is low at the end of the
WCGreen
Aug 2012
#80
Anyone who supports a balanced budget amendment doesn't understand the issue.
Motown_Johnny
Aug 2012
#76