One wonders how different things would be if the Balanced Budget amendment to the US Constitution had been enacted in 1995. It passed the US House but failed to pass in the US Senate by one vote. It still needed approval by the state legislatures, but that seemed doable.
The US needs to raise revenue so that deficits < Σ(expenditures with NPV>0). There are few expenditures that also need to be cubed: ethanol subsidies and hazard insurance subsidies.
One wonders how different things would be if the Balanced Budget amendment to the US Constitution had been enacted in 1995. It passed the US House but failed to pass in the US Senate by one vote. It still needed approval by the state legislatures, but that seemed doable.
One vote!
Deficits < Σ(expenditures with NPV>0) is a better rule. That automatically allows for higher deficits in recessions and lower at full employment.
The US needs to raise revenue so that deficits < Σ(expenditures with NPV>0). There are few expenditures that also need to be cubed: ethanol subsidies and hazard insurance subsidies.
https://thomaslhutcheson.substack.com/p/income-wealth-and-debt
https://thomaslhutcheson.substack.com/p/socia-insurance-20
https://thomaslhutcheson.substack.com/p/dollars-and-deficits