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« on: July 21, 2011, 01:58:29 PM » |
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The Patriot Post - A Sign of Sanity Amid the Budget Banter
From The Federalist Patriot
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A Sign of Sanity Amid the Budget Banter
By Mark Alexander · Thursday, July 21, 2011
Balanced Budget Amendment Long Overdue
"I wish it were possible to obtain a single amendment to our Constitution ... taking from the federal government their power of borrowing." --Thomas Jefferson (Letter of November 26th, 1798)
Over the din of the rancorous budget bull this week, the latest chapter in a debate, which has been raging ad nauseam infinitum for two years, you might have missed a small news summary about a comprehensive survey of small business owners and managers. Would you be shocked to learn that the vast majority of them are very concerned about taxes, regulations and out-of-control government spending? So concerned are they about the insurmountable debt, which threatens to collapse the U.S. economy1, that small business owners are not hiring or spending reserves on business expansion.
This survey matters because small businesses are the foundation of free enterprise and the locus of most job creation and economic expansion.
For the record, I can assure you as a small business owner myself, that I did not need a survey to let me know what every business owner with whom I have spoken in the last two years has already affirmed: Barack Hussein Obama and his leftist cadres2 have placed our nation on a collision course with economic catastrophe, and plan to resurrect the pieces under a new Democratic Socialist3 framework.
Consequently, businesses of all sizes, those which have not already been blown away, are preserving capital in order to weather the gathering storm. But their is a glimmer of hope on the horizon.
Twenty five years ago Ronald Reagan warned, "When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation."
Those were the good old days.
Today, deficit spending has become institutionalized, and the unprecedented debt accumulation enacted by the Obama regime in the last two years has taken the country to the brink of economic collapse. Every American should be concerned about the implications of this debacle, and its impact on the future of Liberty4.
It's remarkable how far we've fallen. Just three years ago, then-Senator Obama5 was merely a smooth-talking presidential aspirant. But today, only a fool, or Socialist co-conspirator, would deny the threat that the Obama's ideological vision for the future poses to Essential Liberty6.
With all that as a backdrop, some really BIG news this week provided a bright ray of hope through the oppressive cloud of budget banter.
While Obama was expressing his support for the economic plan advanced by the Senate's "Gang of Six," a "Gang of 234" in the people's House, under the leadership of Reps. Eric Cantor and Jim Jordan, passed the "Cut, Cap and Balance" bill, which includes a Balanced Budget Amendment (BBA) to the U.S Constitution.
The proposal cuts $111 billion from fiscal 2012 spending and caps future spending at 19.9 percent of gross domestic product, with the enticement that if it is passed in the Senate and signed by Obama, the next debt ceiling increase will be allowed.
While not discounting some of the merits of the Senate plan, House Budget Committee Chairman Paul Ryan said, "I share the frustration that these senators appear to have with the U.S. Senate's inability to pass a budget in over 800 days. While the proposal lacks detail in many respects, it includes some reforms that could help put our country on a sounder fiscal footing."
Clearly, however, House leaders are pushing the BBA forward, and given the severity of our current economic predicament, it may receive bi-partisan support in the Democrat-controlled Senate, especially from those Democrats up for re-election in 2012. Speaker of the House John Boehner said, "House Republicans are the only ones to put forward and pass a real plan that will create a better environment for private-sector job growth by stopping Washington from spending money it doesn't have and preventing tax hikes on families and small businesses." He asserted that the BBA would set spending restraints in stone.
On caveat is that under a Democrat administration, with a little help from judicial diktats7, the BBA could result in tax increases indexed to budget increases.
Predictably, Obama has signaled that he will veto the measure. Clearly, it doesn't comport with his near-term objective of "fundamentally transforming the United States of America." He classified the BBA as "extreme, radical [and] unprecedented," and followed that "neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility."
For sure, when Obama and two of his most liberal stalwarts in the Senate are attacking the BBA, it must be good for America. Sen. Barbara Mikulski protested, "What a sham. What a scam. I'd be tempted to just blow it off if it were not so cruel, stupid and dangerous. … It could cut, cap and kill the future of our country." Tom Harkin followed, "The sad reality is that America no longer has a two party system. One of our two parties has morphed into a kind of a cult driven by a singular fixation and obsession [the BBA]. This so-called balanced budget amendment would make it all but impossible to raise revenues [taxes] in the future."
For the record, Article 1, Section 8 of our Constitution8 clearly empowers Congress alone to borrow, if necessary, on the credit of the U.S. But Obama will likely claim that the 14th Amendment, notably the so-called "living constitution9" version of that amendment, gives him the power to add $2.4 trillion to the current $14.3 trillion in debt. |
