Now the Republicans and Tea Party nuts are calling for a CONSTITUTIONAL AMMENDMENT to force our government to BALANCE THE BUDGET. We all know how difficult it is to pass an amendment to our Constitution (2/3 states vote yes) but we passed the Prohibition Amendment so it is not impossible BUT is a law requiring a balanced budget actually good for us.
Tea Party people are saying the government budget should be run like a family budget; incoming matches outgoing or better yet; you spend what you make. Well, I don’t know of any family that has a balanced budget; most families run a deficit because we borrow…
We borrow to buy homes (mortgages), to buy cars (auto loans), send kids to college (education loans) and of course we use our credit cards most unwisely. So the best a family can do is to make sure there is enough money coming in to cover monthly payments.
Running a deficit, as explained in the last blog, is a tool to stabilize the economy during a recession or down-turn, without it we would enter into a another DEPRESSION so a balanced budget idea is just plain stupid and the Republicans know that but again, they are trying to placate the Tea Party…why?
BUT there is nothing wrong with cutting the deficit to a manageable level by eliminating wasteful spending and starting to take control over rising health costs.
I bring up health costs because I will be 65 next year and me and many millions of my fellow baby-boomers will be filing for MEDICARE and if you think healthcare costs are out of control now, wait till next year…
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