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The United States needs constitutional rules to bring discipline to the federal budget process. Congress has repeatedly attempted to create binding limits on its tendency to overspend. In the 1980s,[url=http://giuseppezanottioutlets.webmium.com/][b]Giuseppe Zanotti shoes outlet sale[/b][/url], it was Gramm-Rudman-Hollings legislation to reduce deficits. In the 1990s, it was caps on discretionary spending and limits on new government programs. In 2011, it is the specter of 1.2 trillion in cuts (or more accurately, reductions in spending increases) due to the failure of the super committee. These controls all have a common element: They were undone or evaded (or soon will be) by a Congress unwilling to hold itself accountable. For instance,[url=http://discountmerrellshoes.webmium.com/][b]http://discountmerrellshoes.webmium.com/[/b][/url], even before the super committee had failed,[url=http://giuseppezanottioutlets.webmium.com/][b]2013 Giuseppe Zanotti shoes outlet sale[/b][/url], Sen. John McCain and others discussed undoing the "automatic" cuts that were to be the consequence of failure.
[See a collection of political cartoons on the budget and deficit.]
Constitutional rules are credible and durable in ways that internal controls or even statutes are not. They cannot easily be changed, and if properly designed,[url=http://rogervivieroutlets.webmium.com/][b]Discount Roger Vivier Shoes[/b][/url], cannot easily be evaded. The phrase "properly designed" is crucial. states shows that well-designed rules lead to lower spending. Moreover,[url=http://giuseppezanottioutlets.webmium.com/][b]Giuseppe Zanotti Sneakers outlet sale[/b][/url], a constitutional budget rule that (a) applies to the entire federal budget exceptions, (b) is difficult to waive, except in true emergencies, and (c) is constructed to limit loopholes or gimmicks will be effective at forcing Congress to make hard spending decisions.
[Read: GOP Frosh Slam "Hypocrisy" from Democrats on Balanced Budget Bill.]
Considering Congress' track record, there is perhaps only one other way to achieve fiscal discipline, and that is a debt crisis. But is America really destined to become like Greece or Italy? Right now that scenario seems far-fetched. dollar in as little as five to 10 years. And when that happens,[url=http://rogervivieroutlets.webmium.com/][b]http://rogervivieroutlets.webmium.com/[/b][/url], we will be much more vulnerable to a debt crisis. We need to act now to prevent a crisis,[url=http://woolrichjacket.webmium.com/][b]http://woolrichjacket.webmium.com/[/b][/url], and constitutional budget reform is an important place to start.
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See a collection of political cartoons on the economy.
Read Robert Schlesinger on the upside down 2012 politics of the economy and the deficit.
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