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Monday, February 23, 2009

Deficit, schmecefit

You know, in light of President Obama's plan to cut the budget deficit in half, I say this: I think the federal government should balance the deficit, and then aggressively pay down the national debt.
At the end of that process, Congress should enact a law that says the federal government is not allowed to deficit spend, except in a one-year emergency which would require something like a two-thirds or three-fourths majority to ratify. Then, if the deficit had to carry over to the next year, it should only happen if Congress can unanimously agree to consecutive years of deficit spending. Try getting 435 members of the House of representatives and 100 Senators to agree to anything, much less something to do with money that could be spent in their home states.
Cities and states aren't allowed to deficit spend. If they do, they get in real trouble with auditors. The federal government should be held to the same standard.
At the same time, the national debt is getting so large that just eliminating the interest payment could probably fund several of the programs that are now failing for lack of money.
However, my suspicions are that:
a. Ending deficit spending will never happen, and
b. If it did, that future Congress would pass a law voiding the law that said they couldn't deficit spend.
Maybe Congress should just hire that Dave Ramsey guy to tell the government how to get out of debt.
Oops. wait. His show is on Fox, and Congress is controlled by Democrats. I guess that means hiring him is about as likely as 535 Congressmen agreeing on anything.

3 comments:

Anonymous said...

the debt and deficit are important as to how they affect what something costs and how much a person gets paid. jcarp political economist.

Anonymous said...

no cross of gold. free silver the spirit of william jennings bryan

Anonymous said...

he,'s a taker. and he will take her ... ... america. america ... sweet dream woman medley by spirit of waylon jennings.