"Exactly. We must stop deficit spending and both parties continue to promote it."
True enough.
And, although PAYGO budgetary rules offer at least a *hope* of greater fiscal discipline, they remain but a very modest first step.
As recent experience has demonstrated (for example, the just-passed one year extension for the 'Alternative Minimum Tax patch' was neither paid for by taxes, nor offset by any reductions in spending --- so the ENTIRE $50 Billion amount goes straight to the national deficit), PAYGO rules are easy enough to circumvent by a determined enough political minority (whether they be Rep., or Dem.).
At best it is just a palliative, a modest first step.
Politicians CANNOT BE TRUSTED - EVER to be fiscally responsible, keep spending down and balance budgets.
Hell, the War in Iraq (ALL officially 'OFF-BUDGET' <G>), is running a cost of at least $12 Billion each and every MONTH - and that, too, goes straight to the deficit.
Worse still, these numbers do not even CONSIDER the interest costs that are associated with the rising national debt level!
But, as the US Comptroller has testified --- before 2040 the INTEREST PAYMENTS ALONE on the massive US national debt will EXCEED ALL THE TAX REVENUES OF THE ENTIRE FEDERAL GOVERNMENT.
So, obviously - that being an untenable economic situation - the collapse or break in the system will and must come far earlier before that date.
The US - being a nation of laws - must find a way to *bind* it's cheating politicians to the wheel. A way to legally MANDATE fiscal parsimony and balanced budgets.
Obviously Constitutional mandates have demonstrated many years of (mostly) working well in various States, who's Constitutions require balanced budgets... at least, worked FAR BETTER then the disgraceful federal example.
So, that would seem to be our best, and LAST, chance to avoid decline and failure as a nation: the Balanced Budget Constitutional Amendment.
Do your Presidential candidates support it? Or are they merely phonies who endlessly mouth the words of 'budget discipline' and 'spending restraint', without EVER walking the walk? While meanwhile walking America closer to the brink.... |
