Why a Balanced Budget is important to America
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A balanced budget is important for several reasons.
The restriction of having to balance the budget keeps the country (like individuals) from overspending, the absence of a balanced budget enables congress to fund pet projects and black ops without the intense scrutiny of the public and finally having a balanced budget will diminish and eventually remove the huge deficit hanging over the country.
Countries, like people, tend to overspend when restrictions are removed. It's human nature. By not enforcing a balanced budget hard decisions are not made and never will be made. Politicians will take the easy road and cater to whatever will get them elected. They will not be forced to make difficult decisions and therefore will not make them. They will leave them to the next guy who will do the same until disaster overcomes us. The guidelines of balancing the budget serve as boundaries and force people and nations to make difficult choices, choices that would never be made if those restrictions weren't there.
Not having a balanced budget enables politicians and agencies to hide money. Because every penny is not accounted for, waste is rampant and fraud all too common. Moreover pet projects like studying the wild platypus in the Antarctic are funded while veterans benefits may be cut. Having a balanced budget causes every penny to be accounted for and cuts down on waste and fraud.
And finally not having a balanced budget contributes to the enormous deficit, which will in turn cause steep tax rates in order to pay for the deficit, which in turn will cause slavery. By that I mean that people will have to work more and more for less and less and eventually will be working at levels that will not be enough to live on. Some people are already working 3 and 4 jobs just to live. Moreover, as tax rates rise business is squelched. Businesses cannot make decent profits, thereby either taking their businesses off-shore or going out of business completely. As the deficit grows larger and larger our economy becomes more and more at risk of collapsing completely. This in turn will cause social strife and possibly the threat of civil or international war as the younger generation will be forced to carry more and more of the tax burden while benefiting less and less and the risk of defaulting with our creditors looms.
All of this is not only possible but inevitable if we do not balance the budget.
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Thanks for commenting Breakfastpop.
A house is protected and run smoothly with a balance budget. Similarly a country will run smoothly with a balance budget as you rightly pointed out in the hub. But a states’ budget is much bigger than a house budget. So it requires expert. If the team of expert fails to do its function, the people will suffer. But in a democracy, the budget of the states depends upon the policy of the government. Ultimately it is the people who are to do the balanced budget.
Unfortunately we no longer have a democracy in this country, we had a coup but it didn't make the 6:00 news.
Not having a balanced budget is against the will of- We The People. Washington doesn't seem competent. Great article, voted up.
Thanks PhoenixV
A balanced budget should include taxing those that can afford it and not cutting from those who cannot
Simple true - i totally agree.
But: with 14 Trillon of accumulated dept and a deficit of lets say 1 Trillion per year i tend to say: we do have a balanced budget, only forgot to count the interest rate for the 14 Trillion.
And that is only National dept, what about state depts (Illinois..)? What about unaccounted liabilities? What about baby boomer pension and health care liabilities?
I fear it is far too late. Only to cover the legal budget, taxes would have to doubled. That already includes resonable cutting on expenses.
I fear no fellow American is willing to pay the price.
Of course it is never too late for reading an interesting hub.
Thanks Chris57, you're probably right.
Balancing the budget is the easy part. It's the debt that is problematic. I'm afraid many people confuse the two. Clinton balanced the budget, but the debt continued to rise because neither party contributed the surplus to the debt.
The hysteria about the debt is just that. Congress knows with each bill they pass what the projected debt will be. The present debt came as no surprise. They have also known fro decades that Medicare would need adjustments as baby-boomers began to retire. That isn't to say the problems don't need to be tackled, but the urgency that says it's necessary right now is sheer fallacy.
It's political theatre designed to do exactly what it has done...scare the crap out of everyone. People need jobs.
Employment will generate revenue and automatically decrease the deficit.
They don't want to decrease the debt because they are profiting from it.
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breakfastpop Level 8 Commenter 17 months ago
I agree with every word. The tax code needs some serious re-vamping. The structure has to be made less involved and taxes should be fair and not an undue burden. If we could accomplish this, compliance would go up and we would have more money to balance the budget and less people seeking loopholes.