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View Diary: Republicans have no clue how people manage their budgets, Part II (94 comments)

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  •  From a letter last summer (2+ / 0-)
    Recommended by:
    MPociask, Paul1a

    Signed by seven leading economists, including five Nobel laureates:

    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.
    http://w3.epi-data.org/...

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