Balanced-Budget Amendments & Redeeming Debt With Wallpaper

[johnkarls]

Proposed by John Karls – Tue Aug 23 – 114 views in Sec. 3 (Possible Topics for Future Meetings) before being transplanted here 11/10/2011

NB: This posting was sabotaged and restored on 9/28/2024.


Suggested Reading Materials (no cost) =

1. The Balanced-Budget-Amendment ULTIMATUM of Germany and France as they prepare to abandon the Euro Zone's problem-children countries to sink on their own -- and how both Germany and France deal with the solvency of their own banks which have lent more than their net-worths to the problem-children countries because German and French voters are refusing to be taxed to pay for the stupidity of their banks.

2. The Balanced-Budget-Amendment to the U.S. Constitution on which Congress is required to vote this fall as part of the debt-ceiling compromise of 8/2/2011 (and the 1/1/1994 Balanced Budget Amendment to the Constitution which easily received the required 2/3 vote in the House to be sent to the states for ratification but fell 1 vote short in the Senate).

3. In the course of studying (1) and (2), paying attention to the effect of foreign-balance-of-payment deficits on the amount of public debt (and also on economic growth, or lack thereof).

4. The plethora of reporting that will take place in the media concerning these issues.
NB: The Balanced-Budget-Amendment issue bears no relation to the issue of whether budgetary balance is accomplished with spending cuts or tax increases. However, if we liberals want to continue believing in our own morality, we have to consider how the impending worthlessness of U.S. public debt and U.S. currency will affect our inner cities, where residents have little land to grow food crops and where they have already been forced into undesirable occupations in order to survive.

The Balanced-Budget Amendment is the way the Republicans have chosen to frame the political debate for 2012.

1. Let's not kid ourselves that such framing isn't powerful!!! After all, every household in America has to struggle with balancing its own budget (as do 49 of the 50 states which have balanced-budget requirements in their state constitutions). And sophisticated economic arguments about the need for unbalanced governmental budgets to stimulate the economy will NOT "play in Peoria" because so few Americans have gone to college and studied economics.

2. 20 Democratic Senators (including 2 independents who caucus with the Democrats) are on record as favoring such an amendment -- and 23 of the 33 Senate seats up for election next year are held by Democrats.