Skip to main content

View Diary: Government Shutdown: What It Is, and What It Isn't (Update x1) (88 comments)

Comment Preferences

  •  Balanced budget (3+ / 0-)
    This is not the time to aim for a balanced budget. This is not a family trying to balance its budget
    It is a truly bad idea. It could drive the economy into a depression. While proponents talk about states and households having to balance their budgets, it ignores the fundamentally different way the federal government functions. From a group of economists last year:
    Unlike many state constitutions, which permit borrowing to finance capital expenditures, the federal budget makes no distinction between capital investments and current outlays. Private businesses and households borrow all the time to finance capital spending. A balanced budget amendment would prevent federal borrowing to finance expenditures for infrastructure, education, research and development, environmental protection, and other investment vital to the nation's future well being. link
    Signed by seven leading economists, including five Nobel laureates. Unfortunately, too many House Republicans are in denial, not only about global warming or evolution, but about basic economics.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site