Should not balancing the budget be illegal? (economic, financial crisis, federal government)

[Joe107]

budget deficits should be illegal. the gov is creating a massive time bomb, and it seems to get worse and worse.

we should have a provision that allows us to have a deficit only in recessions

[SLCPUNK]

Originally Posted by Joe107

trade deficits should be illegal. the gov is creating a massive time bomb, and it seems to get worse and worse.

we should have a provision that allows us to have a deficit only in recessions

Bush first right?

[ViewFromThePeak]

...and here comes saggy's long winded explanation of why you're stupid for thinking of this nonsense and a diatribe on Ronald "Raygun".

[Miborn]

Yes

[afoigrokerkok]

It shouldn't be illegal, but as Americans we have the right to demand accountability and should.

[pghquest]

Originally Posted by Joe107

trade deficits should be illegal. the gov is creating a massive time bomb, and it seems to get worse and worse.

we should have a provision that allows us to have a deficit only in recessions

You cant make a "trade" deficit illegal, its governed by a free market and not the same as "balancing the budget".. One has very little to do with the other..

Balancing the budget, yes, top priority... States, towns, individuals, have to have balanced budgets, why shouldnt the federal government,

[Joe107]

only when GDP goes negative to do they have the authority to run a deficit. when it goes positive they must go back to balanced budget.

[Joe107]

Originally Posted by pghquest

You cant make a "trade" deficit illegal, its governed by a free market and not the same as "balancing the budget".. One has very little to do with the other..

Balancing the budget, yes, top priority... States, towns, individuals, have to have balanced budgets, why shouldnt the federal government,

a budget deficit is the result of not having a balanced budget or budget surplus.

[NewToCA]

Originally Posted by Joe107

trade deficits should be illegal. the gov is creating a massive time bomb, and it seems to get worse and worse.

we should have a provision that allows us to have a deficit only in recessions

Nope, capital expenditures aren't amortized in the federal budget, so I basically disagree with you.

Beyond that, deficit spending has a significant benefit in certain economic situations, so again I have to disagree.

[Joe107]

Originally Posted by NewToCA

Nope, capital expenditures aren't amortized in the federal budget, so I basically disagree with you.

Beyond that, deficit spending has a significant benefit in certain economic situations, so again I have to disagree.

it sounds like KEYNESIAN economics. the only problem is gov spending doesn't go down in good times / budget does not get balanced.

we keep piling on debt on top of debt.

this is begining to look like financial crisis part 2. (part 1 was the consumer, part 2 is the us gov)