Balanced Budget Amendment: A Quick Thought!
The balanced budget amendment put forth by republicans and being endorsed by some blue dog democrats is another issue that shows the out of control political posturing and rhetoric that has caused such a division between the political parties and bogged down the political process. Both sides of the line are guilty of this but the republicans tend to take it to different levels. Not only does this issue slow down the recovery of the nation and our ability to address pressing issues it also adds to the economic instability we are currently experiencing.
The issue of the balanced budget amendment is just the newest policy put forward that is purported to be a job creation and economic recovery measure but has been shown to be a gimmicky political stand point. In fact a recent study by the Center on Budget and Policy Priorities showed that the amendment could actually end up costing 15 million jobs. I think my favorite comment comes from former Reagan adviser Bruce Bartlett who said, “ This is quite possibly the stupidest constitutional amendment I think I have ever seen. It looks like it was drafted by a couple of interns on the back of a napkin.”. That is coming from a former Reagan domestic policy advisor. The cuts that the budget would incur would cause severe shortfalls in several programs including medicare and social security. In order to balance those cuts out and preserve these programs we would need to cut into every other program and cause an instability across the board.
Hopefully, but doubtfully, politicians will listen to the growing number of economists and financial advisors across the country that have come out against the amendment and stated that if approved the amendment could push us into another even deeper second recession.