At the point where you’re 14 Trillion in debt and the S&P says you’re worthless, well, a balanced budget amendment kind of becomes a no-brainer. We need to get out of debt. First thing you do when you need to get out of debt is make sure that your current spending does not exceed your income.
Yes I know not going further into debt is actually the way out of debt.
I’m willing to entertain arguments about tax policy…after and only AFTER we fix the spending problem. You get a little in debt if you have income issues; you get 14 Trillion dollars in debt when you have a spending problem. Arguing that we just need to raise taxes right now is arguing that a junkie going through withdrawal just doesn’t have enough money to buy more heroin while completely ignoring the actual problem.
It should be short and simple:
Congress may pass no budget that exceeds 90% of the previous year’s collected revenue when the U.S. Government owes no debt. Congress may pass no budget that exceeds 80% of the previous year’s collected revenue when the federal government does have outstanding debts, excluding 10% that must go to paying off the principal balance of any debt held by the federal government. Congress may exceed these limits for two years after having made a declaration of war or if that declaration is renewed at the end of the two year period.
Why only 90%? Because only an idiot spends everything they have, you always leave a little something extra for emergencies. Why 80%? Because we need to get rid of this debt. Not just stabilize it. Eliminate it. Kill it. This debt needs to be destroyed. Otherwise it is an albatross around our necks that will never let us be.
You pass that and we can talk about raising taxes. (How about on that half of America that doesn’t pay taxes—let’s see if they still want their entitlement programs when they have to pay for them?)
Now will this get passed right now? I’d say you have a good chance of getting it passed in the House, but really no chance in the Senate. Which is fine, I want every Democratic Senator on record that they don’t support getting our debt under control, that they have no real concern for this country.
Or the states could always get together and pass this on their own.