A Commentary On “Olympia Snowe and Jim DeMint: The Only Reform That Will Restrain Spending”
A balanced budget amendment would need an exception to allow borrowing to finance imports during a war for survival.
But in addition to a balanced budget amendment, there is need for a constitutional principle prohibiting any level of government from creating obligations for payments after the next fiscal year. As an example, social security for new enrollees should be in the form of defined contributions to personal accounts, qualified by an insurance aspect whereby some fractions of balances remaining when beneficiaries die are captured to supplement accounts for those who live longer money and personal finance for the needy.
February 28th, 2012