Everytime I visit Bruce Bartlett ‘s blog, Capital Gains and Games, I learn such interesting things. Like this:
Next week, House Republicans plan to debate a balanced budget amendment to the Constitution. . . In fact, it’s just more political theater designed to delight the Tea Party.Historically, those supporting a balanced budget amendment to the Constitution were only interested in balance per se. That is, requiring that revenues and expenditures be as close to equal as possible. The view was that if the states – almost all of which are required to balance their budgets annually – could do it then so could the federal government.One problem is that the states don’t really balance their budgets. All have separate operating and capital budgets and only the operating budget is required to be balanced. By contrast, the federal budget lumps together operating and capital expenses, such as roads and buildings that will last for decades. Moreover, the states are notorious for using gimmicks to give the appearance of budget balance even though they run deficits. . . . If Republicans were really serious about putting a balanced budget amendment into the Constitution they would . . . held weeks of hearings with such experts and planned many more weeks of floor debate. GOP think tanks would have been urged to hold conferences and publish studies of the proposed amendment.None of this was done, of course, leaving the inescapable conclusion that this is nothing but a political ploy designed solely to appeal to the GOP’s Tea Party wing. The time wasted debating a balanced budget amendment would be better spent taking care of the House’s long list of unfinished business, such as passing appropriations bills.