Puppycow
Penultimate Amazing
Republicans want to make a constitutional amendment a condition for agreeing to raise the debt ceiling. This constitutional amendment would cap government spending at 18% of GDP (which has never been done since 1966, and even Paul Ryan's "radical right-wing social engineering" wouldn't qualify). It would also require a two-thirds supermajority in both houses of congress to raise taxes.
There's even a website for this proposed amendment sponsored by a long list of conservative and Tea Party type groups.
Personally, I think that if this were to actually become part of the constitution, it would be a disaster for the US.
This is not your father's Balanced Budget Amendment. In the past, most proposed balanced budget amendments have been just that: a requirement that government revenues equal government expenditures. This one goes much further to the right, by capping government spending and making it near impossible to raise taxes.
Here's what USA Today says:
There's even a website for this proposed amendment sponsored by a long list of conservative and Tea Party type groups.
Personally, I think that if this were to actually become part of the constitution, it would be a disaster for the US.
This is not your father's Balanced Budget Amendment. In the past, most proposed balanced budget amendments have been just that: a requirement that government revenues equal government expenditures. This one goes much further to the right, by capping government spending and making it near impossible to raise taxes.
Here's what USA Today says:
Reading between the lines, it's clear that many supporters care less about cutting the deficit than about rewriting the Constitution to embrace an economic theory that shrinks government and makes it almost impossible to raise taxes.
Certainly, balancing the budget is a sound goal. We've been supporting it in this space for more than 20 years. Congress and successive presidents have demonstrated an inability to match revenue and spending. Something has to be done to change the incentives.
But the fatal flaw in virtually any balanced budget amendment is that it ties the government's hands in times of economic distress. When those sorts of crises hit, the government needs to be able to move quickly to rescue major financial institutions and deploy "automatic stabilizers," such as unemployment benefits and food stamps that steady the economy until private-sector forces can create a recovery. Failure to intervene caused the Great Depression of the 1930s, and had a balanced budget amendment been in place when the financial crisis struck in 2008, there's no doubt at all that we'd be living through another one now.