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Sep262010

Balanced Budget Amendment

Federal spending is completely out of control.

Of course the Federal government has been spending far too much money for a long, long time. Ever since the FDR administration embraced the Keynsian theory that additional government spending was needed to "stimulate" an economy, politicians have been handing out millions, billions, now trillions of dollars in favors, handouts, bailouts and subsidies, all the while preaching that they are helping the economy in doing so.

Nothing could be further from the truth.

Every dollar spent by government is a dollar taken out of someone's pocket.

Non-deficit expenditures come right out of the pocket of current taxpayers, so as opposed to "creating" or "stimulating" anything, all that the spending accomplishes is to cause money to be spent in a way that government wishes, as opposed to the way in which the taxpayer would have chosen to spend it.

For deficit expenditures, every dollar spent will be repaid, plus interest, by future taxpayers. We continue to impoverish our future selves, our children, our grandchildren, and beyond. With each year that we spend more than we have, an increasing amount of our Federal budget goes towards paying the interest on our debt. This is money wasted...a penalty for our fiscal irresponsibility. This burden is heavy now, when interest rates rise in the future, as they eventually must do...the burden will be crushing.

We can no longer give Congress the ability to wrecklessly spend the taxpayer's money.

We must force them to balance the budget. The only way to do so is to restrict them via Constitutional amendment.

 

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