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The Articles of Confederation and Perpetual Union had granted to the Continental Congress the power
to borrow money, or emit bills on the credit of the United States, transmitting every half-year to the respective States an account of the sums of money so borrowed or emitted And, with this as a model[6]Article I, Section 8, Clause 2 of the Constitution grants to the United States Congress the power
To borrow money on the credit of the United States; At the time that the Constitution came into effect, the United States had a significant debt, primarily associated with the Revolutionary War. There were differences within and between the major political coalitions over the possible liquidation or increase of this debt. As early as 1798, Thomas Jefferson wrote
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender. I know that to pay all proper expenses within the year would, in case of war, be hard on us. But not so hard as ten wars instead of one. For wars could be reduced in that proportion; besides that the State governments would be free to lend their credit in borrowing quotas.[7]
I have no problem with it, but it will never pass because they know they can't do it on a consistent basis. I would really like them to try though.
They will NEVER try and do it without a balanced budget amendment.
Usually small breaks in that are allowed for time of war and state of emergencys, but that wouldn't allow a big hole to keep large deficits.
The honesty of what we need to do is to either for a long time stop hiring more government workers or to unfortunately fire some.
It is also a fact of life that we can't support people's lives through social programs to the levels we have in the past. We've done so much that we risk being able to do ANYTHING in the future.
We also have to live for a decade on past budgets, like maybe a 2004 budget.
I know some believe you just tax the living hell out of especially other people's money, but there is the law of diminishing returns and as you tax more you get back far less as people stop producing since it doesn't do anything for you.
New York and California are starving from the over-taxing problems.
Pensions for government workers outside of fire, police and such need to go down to the level of a social security check.
Right now they are making so much money you'd have to have tens of millions in the bank to get those payments at current interest rates.
They will NEVER try and do it without a balanced budget amendment.
Usually small breaks in that are allowed for time of war and state of emergencys, but that wouldn't allow a big hole to keep large deficits.
The honesty of what we need to do is to either for a long time stop hiring more government workers or to unfortunately fire some.
It is also a fact of life that we can't support people's lives through social programs to the levels we have in the past. We've done so much that we risk being able to do ANYTHING in the future.
We also have to live for a decade on past budgets, like maybe a 2004 budget.
I know some believe you just tax the living hell out of especially other people's money, but there is the law of diminishing returns and as you tax more you get back far less as people stop producing since it doesn't do anything for you.
New York and California are starving from the over-taxing problems.
Pensions for government workers outside of fire, police and such need to go down to the level of a social security check.
Right now they are making so much money you'd have to have tens of millions in the bank to get those payments at current interest rates.
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