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Act Now to Prevent a Debt Crisis
The United States needs constitutional rules to bring discipline to the federal budget process. Congress has repeatedly attempted to create binding limits on its tendency to overspend. In the 1980s, it was Gramm-Rudman-Hollings legislation to reduce deficits. In the 1990s,[link widoczny dla zalogowanych], it was caps on discretionary spending and limits on new government programs. In 2011, it is the specter of 1.2 trillion in cuts (or more accurately,[link widoczny dla zalogowanych], reductions in spending increases) due to the failure of the super committee. These controls all have a common element: They were undone or evaded (or soon will be) by a Congress unwilling to hold itself accountable. For instance, even before the super committee had failed, Sen. John McCain and others discussed undoing the "automatic" cuts that were to be the consequence of failure.
[See a collection of political cartoons on the budget and deficit.]
Constitutional rules are credible and durable in ways that internal controls or even statutes are not. They cannot easily be changed, and if properly designed, cannot easily be evaded. The phrase "properly designed" is crucial. states shows that well-designed rules lead to lower spending. Moreover, a constitutional budget rule that (a) applies to the entire federal budget exceptions, (b) is difficult to waive,[link widoczny dla zalogowanych], except in true emergencies, and (c) is constructed to limit loopholes or gimmicks will be effective at forcing Congress to make hard spending decisions.
[Read: GOP Frosh Slam "Hypocrisy" from Democrats on Balanced Budget Bill,[link widoczny dla zalogowanych].]
Considering Congress' track record,[link widoczny dla zalogowanych], there is perhaps only one other way to achieve fiscal discipline,[link widoczny dla zalogowanych], and that is a debt crisis. But is America really destined to become like Greece or Italy? Right now that scenario seems far-fetched. dollar in as little as five to 10 years. And when that happens,[link widoczny dla zalogowanych], we will be much more vulnerable to a debt crisis. We need to act now to prevent a crisis, and constitutional budget reform is an important place to start.
Read about how the super committee failure will affect you,[link widoczny dla zalogowanych].
See a collection of political cartoons on the economy.
Read Robert Schlesinger on the upside down 2012 politics of the economy and the deficit.
LeBron Raymone James (/ləˈbrɒn/; born December 30, 1984),[link widoczny dla zalogowanych], nicknamed "King James",[link widoczny dla zalogowanych], is an American professional basketball player for the Miami Heat of the National Basketball Association (NBA). A 6 ft 8 in (2.03 m) small forward,[link widoczny dla zalogowanych], he has been an NBA champion,[link widoczny dla zalogowanych], the NBA Finals MVP, a three-time NBA MVP, and the NBA Rookie of the Year. One of Miami's co-captains,[link widoczny dla zalogowanych], along with Dwyane Wade, he is an eight-time NBA All-Star and has earned eight All-NBA honors and four All-Defensive honors. He is also the Cleveland Cavaliers' all-time leading scorer.
James played high school basketball at St. Vincent - St. Mary High School in his hometown of Akron, Ohio. A three-time "Mr. Basketball of Ohio", he was highly promoted in the national media as a future NBA superstar. After graduating,[link widoczny dla zalogowanych], he was selected with the first overall pick of the 2003 NBA Draft by the Cleveland Cavaliers. In 2010, he left the Cavaliers for the Heat in a highly publicized free agency period. In 2012, he led Miami to their second NBA title in franchise history, winning his first overall. His public life has been the subject of much scrutiny, and he has been ranked as one of America's most disliked and influential athletes. He has also been featured in books, documentaries,[link widoczny dla zalogowanych], and television commercials, and has hosted the ESPY Awards and Saturday Night
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