Is there anyone that can help me its Economics!?

Some support the idea of adding an amendment to the U.S. Constitution that would require the government to have a balanced budget (meaning the government could not spend more than its revenue in any given year).In a short essay of at least two paragraphs, first explain what you think the benefits of requiring a balanced budget would be. If you don't see any benefit to such a requirement, then explain that instead and fully explain your reasons to support your opinion. In the second paragraph, analyze the effects the national debt has on our economy. Your reasons must be logical and detailed and must support your opinion.

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3 Responses to “Is there anyone that can help me its Economics!?”

  1. baroi says:

    well its pretty much a logical question. If we dont spend more than our revenue, we dont incur debt. And since our debt is unbelievably astronomically HUGE, your really looking for the positives of reducing the debt.

  2. switcheroo says:

    1. When the national debt gets huge and revenue is falling, the debt service begins to swallow up a big percent of the budget. For this reason, people want to avoid creating any national debt.2. On the other hand, there are those who say that a call for a balanced budget is wrong-headed — and no more than populist demagogue vote-getting. That is because:> The national debt is largely money we owe to ourselves (in the form of pensions, bonds, etc)> Deficit spending is the principle economic stimulus, leading in the long run to INCREASED tax revenue and swift retirement of the debt. Without deficit spending, we will never rev up the economy enough to pay our present debt. [external link] … Alexander Hamilton was a big proponent of national debt in the form of deficit spending, and convinced George Washington to avoid a balanced budget. [external link] …

  3. nobuo says:

    Many Keynesian economics and Neo Keynesian economics economists believe that, while a large federal deficit has an adverse effect on the economy, deficit spending has significant benefits in times of recession. In 2003, approximately 90% of the members of the American Economic Association agreed with the statement, “If the federal budget is to be balanced, it should be done over the course of the business cycle, rather than yearly.” A reason cited by several leading economists is that a “balanced budget amendment would mandate perverse actions in the face of recessions” by requiring spending cuts that would aggravate the recession. As one example, the private forecasting firm Macroeconomic Advisers LLC addressed the effect of balancing the federal budget for 2012, in the wake of the late-2000s recession: “Then, instead of forecasting real GDP growth of 2% or so for FY 2012, we’d mark that projection down to perhaps -12% and raise our forecast of the unemployment rate from 9% to 16%, or roughly 11 million fewer jobs.”Furthermore, the resulting loss of tax revenue and increase in mandatory spending would require additional cuts in discretionary spending that would cause a loss of four million more jobs.The amendment has been called “political posturing” because its proponents use it to position themselves as supporters of a balanced budget but without specifying any unpopular tax increases or spending cuts that they would support to reach that goal.[42] For example, Robert Bixby of the anti-deficit Concord Coalition called the amendment “an avoidance device.”It’s been argued that such amendment would likely be unenforceable. Among other reasons, the standard budgetary process in the United States operates with projected figures. There is no way of knowing ahead of time whether the budget would end up unbalanced in any fiscal year, before that fiscal year is over. While the Congress may be mandated by the amendment only to pass balanced budgets, this could be easily circumvented by inflating revenue projections, or routing spending through off-budget channels. Balanced Budget Amendment proposals often contain an exemption for emergencies such as being in the state of war. It could be envisioned that the Congress would simply declare the country in a perpetual state of war, year after year, just to avoid the necessity of politically costly spending cuts or tax increases.