With the economy in the shape it's in. Should the States call a convention and pass a balanced budget amendment?
Washington isn't going to do anything.
Re: Article V
by 
tominhouston
ANSWERS: 4
-
Perhaps when State Governments get their own 'balanced budget' affairs in order, they could start throwing stones in all 50 glass houses.
-
Maybe we should STOP USING FAKE MONEY BASED ON LIABILITY. It is impossible to have a debt-free nation with our current monetary system. I'm not suggesting we just switch over to a system of resource exchange like some people suggest (extremists), but I would be in favor of shutting down the FED and creating a debt-free currency. That's the problem. It's not that we are spending too much money, it's that the fractional reserve system is reaching it's theoretical limit. It is literally impossible to pay off all of our debt, as there just isn't enough money to pay it because of accrued interest. Frankly, the more this country borrows and spends, the quicker we are going to collapse this stupid system so we can start over. So by all means I think they should spend like crazy.
-
No, I don't see how that will help. Far easier and more likely to succeed would be: A) America gives up on being an empire and reduces its military budget to actual defense needs. That would probably free up $500 billion/year http://en.wikipedia.org/wiki/Military_budget_of_the_United_States#Budget_for_2009 B) Investing in the IRS so that they can go after tax cheats and get people (esp. the wealthy) to pay the taxes they actually owe. That would bring in about $300 billion to $400 billion per year. http://online.wsj.com/public/article_print/SB111214123654192563.html C) Re-instituting the 0.025% tax on securities transactions that was in place from WWI to 1964. Not only would this raise $150 billion to $200 billion per year, but it would discourage market 'churning' that makes market players (i.e. gamblers) rich without creating any real wealth. Presto! Balanced budgets for the foreseeable future.
-
How do you suppose such amendment could be ever ratified? The majority of Americans voted for a snake oil salesman, who promised to halve taxes and double entitlements. And you expect these people to deny access to looting this country to themselves? But let me suppose for a moment that I have a genie who is ready to make sure that I could pass any desirable amendment. In that case we need the Amendment that would prohibit Federal Government from establishing entitlements. That is Social Security, Medicare, ObamaScare, NCLB, SCIMP, etc... must be abolished. Abolition of the first two alone would immediately result in instant wage hike of 15% for everyone.
Moongrim RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC