Balanced Budget

Reality: No Balanced Budget For Long Time, And National Debt Will Continue To Rise!

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In the midst of all the debates about who is “better” for the country, the team of Democrats Barack Obama and Joe Biden, or the team of Republicans Mitt Romney and Paul Ryan, something is being forgotten or ignored!

There will be no balanced budget for a long time, and the national debt will continue to rise!

There is no magic potion to bring about a balanced budget, or to prevent the national debt from rising!

So whether Barack Obama or Mitt Romney is elected, one will see both the budget issue and the national debt issue continue to be a center of heated debate!

The difference is who will “benefit” from what government does–the middle class and the poor, if Obama wins; or the wealthy top two percent if Romney wins!

But it is more than that!

It is also which man will cause the national defense budget and foreign interventions to grow, adding to our burden, and it is clear that Mitt Romney, with his loose, reckless rhetoric toward Iran, Russia and China, will cause us a lot more financial burden and many more lost American military lives than Barack Obama!

And it is also what direction do we want the nation to go regarding constitutional law! Do we want more Antonin Scalias, Clarence Thomases, and Samuel Alitos? Or do we want more Ruth Bader Ginsbergs, Stephen Breyers, Sonia Sotomayors, and Elena Kagans? This will determine more of the future, economically and socially, than anything else!

It is foreign policy and constitutional law, two areas most people are ignoring, that will have a greater impact on our future than the false argument that, somehow, one or the other candidate for President will, magically, balance the budget, or stop the rise in the national debt, when neither will be able to do anything about either of those matters!

Ironic: Stalemate On Capitol Hill Would Nearly Balance The Budget By Lack Of Action, Raising Taxes On The Wealthy And Corporations!

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It has recently been recognized that the budget stalemate on Capitol Hill could actually have a great result at the end of 2012, just in time for the inauguration of the new Presidential term!

The reason is that the so called “Bush tax cuts” expire then, and if the Democratic Senate and Republican House do not cooperate on budget issues, and if President Obama determines he will make no deals with the GOP, as he has done too often in the past, the accomplishment will be that trillions of dollars will be raised through taxation, and the nation will come close to balancing the budget!

The deficit would be cut by almost 40 percent under the circumstances of NOT having any legislation, and the richest 5 percent of the population, who received half the entire benefit of the Bush tax cuts, would have to pay up in major ways, about time!

The tax rates would go back to those of the Clinton Presidency, when 23 million new jobs were created, as compared to 3 million under George W. Bush!

If Congress does nothing, a total of $7 trillion in revenue will be available over the next ten years, solving most of the problem of growing debt by increased taxation!

So the attitude of the Obama Administration and the Democratic Party should be to stall, create gridlock and stalemate, which the Republicans have been excellent at doing, and turn the tables on the Republicans and their wealthy taxpayer-corporation supporters! If the elite could pay even higher tax rates under Dwight D. Eisenhower and Ronald Reagan, more so than even under Bill Clinton, and economic growth was the result, the answer is to “Bring It On!”

The False Promise Of The “Balanced Budget” Constitutional Amendment

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Tea Party activists and conservative Republicans, led by Senator Jim DeMint of South Carolina, are touting the idea of a constitutional amendment to force a balanced budget on the nation in the future.

This is nothing new, as it was proposed in the past by Republicans in the 1980s and 1990s, and never went anywhere.

These political leaders seem to forget that a constitutional amendment requires a two thirds vote of the House of Representatives and a two thirds vote of the Senate, and then would need 38 states (three fourths) out of 50 to put it into the Constitution.

If this had been easy to do years ago, it would have been accomplished.

The fact is that the idea of such an amendment is preposterous, and will NEVER happen!

Who can see 290 House members and 67 Senators agreeing to such an amendment, and no more than 12 states rejecting such an idea?

Who cannot understand that a one vote margin of defeat in one of the two houses of the state legislatures in no more than 13 states will kill such an amendment, if it ever made it through Congress?

This is a political ploy which will go nowhere, and were it to become part of the Constitution, it would create many crises whenever an emergency arose, whether war, natural disaster, or another economic downturn.

There is no way for anyone or any government to plan precisely on what emergencies will arise, so the amendment would cripple a government’s ability to respond.

So chalk the discussion up to political posturing, and nothing else!