Financial standards amendment

[Hobo1]

Be It Here Resolved,

FINANCIAL STANDARDS CONSTITUTIONAL AMENDMENT

Beginning in the year 2030 Congress, and every year thereafter, shall make no laws which cause the government to end the accounting year with debt,financial obligation, or any other unfunded liability of any kind. If necessary, Congress shall further cause sufficient Federal assets to be sold so the government has no financial liabilities.​

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Well, what do you think. Forces Congress to follow the road of fiscal responsibility. They can figure out how to do it, but it lays down a standard that must be met. And I bet the American people do NOT want to sell Federal assets.

 

[Openmind]

Be It Here Resolved,

FINANCIAL STANDARDS CONSTITUTIONAL AMENDMENT

Beginning in the year 2030 Congress, and every year thereafter, shall make no laws which cause the government to end the accounting year with debt,financial obligation, or any other unfunded liability of any kind. If necessary, Congress shall further cause sufficient Federal assets to be sold so the government has no financial liabilities.​

​

Well, what do you think. Forces Congress to follow the road of fiscal responsibility. They can figure out how to do it, but it lays down a standard that must be met. And I bet the American people do NOT want to sell Federal assets.

I like it. And the time frame is more than generous.

 

[Hobo1]

Oops, need for a slight bit of editing:


Be It Here Resolved,

FINANCIAL STANDARDS CONSTITUTIONAL AMENDMENT

Beginning in the year 2030, and every year thereafter, Congress shall make no laws which cause the government to end the accounting year with debt,financial obligation, or any other unfunded liability of any kind. If necessary, Congress shall further cause sufficient Federal assets to be sold so the government has no financial liabilities.​

​

Well, what do you think. Forces Congress to follow the road of fiscal responsibility. They can figure out how to do it, but it lays down a standard that must be met. And I bet the American people do NOT want to sell Federal assets.[/QUOTE]

 

[pocketfullofshells]

and then wwIII happens and we are crushed financially..or a major desaster...but don't worry buy about 2025 they will just vote to change the date or remove the amendment...

also if you mean amendment to constitution...then you know its a political stunt...as those just don't pass easy or often...less so when the issue is not in major agreement.

 

[Hobo1]

and then wwIII happens and we are crushed financially..or a major desaster...but don't worry buy about 2025 they will just vote to change the date or remove the amendment...

also if you mean amendment to constitution...then you know its a political stunt...as those just don't pass easy or often...less so when the issue is not in major agreement.

That's a red herring arguement. What happen's if???? Just like a family, and other countries, we have a sovereignty fund (ie, surplus), to handle unexpected events like war or recession.

It is a good solution for a very bad situation. Honestly, we have been working up to this debt problem for a long time. Now, at this 11th hour we can't make significant cuts, nor can we revise the tax code to produce more income. Both will be necessary in the future - but both sides will be more willing to do so if we know we're not just kicking the can down the road.

Right now neither side trusts the other.... better we have a good plan, like an Amendment in the Constitution, than try to work out a political solution that nobody likes and won't really solve the problem. If it doesn't pass; well we can say we did the very best we could to put this country back on track.

 

[pocketfullofshells]

That's a red herring arguement. What happen's if???? Just like a family, and other countries, we have a sovereignty fund (ie, surplus), to handle unexpected events like war or recession.

It is a good solution for a very bad situation. Honestly, we have been working up to this debt problem for a long time. Now, at this 11th hour we can't make significant cuts, nor can we revise the tax code to produce more income. Both will be necessary in the future - but both sides will be more willing to do so if we know we're not just kicking the can down the road.

Right now neither side trusts the other.... better we have a good plan, like an Amendment in the Constitution, than try to work out a political solution that nobody likes and won't really solve the problem. If it doesn't pass; well we can say we did the very best we could to put this country back on track.

yea why worry about what ifs....just hope nothing happens and its all good...

and only to you and some others is this a "good plan" to many its a train wreck ready to happen...and there is that...it would never pass with what is needed for a Amendment so it does not matter....

 

[Hobo1]

yea why worry about what ifs....just hope nothing happens and its all good...

and only to you and some others is this a "good plan" to many its a train wreck ready to happen...and there is that...it would never pass with what is needed for a Amendment so it does not matter....

The train wreck is about to happen in August, 2011!

 

[pocketfullofshells]

The train wreck is about to happen in August, 2011!

you don't stop one train wreck with a 2nd

 

[Hobo1]

you don't stop one train wreck with a 2nd

We got through WWII by selling War Bonds to Americans. Could you support an amendment if we put in something like that allowed the sale of something like that? Bonds sold only to support a war effort?

 

[ProudLefty]

Lets see if I have got this right. America got along just fine until 1980. 200+ years of doing just fine. Then along comes Reagan and GHW Bush and the graph shoots straight up. Then Clinton gets elected and it levels off. Then GW Bush gets elected and it spurts out of sight and the economy is destroyed.

So now, the Republicans who did all this wreckage believe the only to fix it is a Constitutional amendment? I have an easier idea. Lets just stop electing Republicans.

 

[Hobo1]

Electing Democrats = Reduced Federal debt... hmmm, I just don't see the quid pro quo. Many of those years were controlled by a Democratic Congress, 15% inflation under Carter is a strange way to control the national debt, GW Bush was an idiot who spent money like water.

To be honest, I think the problem is more a matter of the average American citizen feeling more removed and less involved with the government. In a Democracy, a lethargic, sometimes selfish citizenry is deadly.

 

[pocketfullofshells]

Electing Democrats = Reduced Federal debt... hmmm, I just don't see the quid pro quo. Many of those years were controlled by a Democratic Congress, 15% inflation under Carter is a strange way to control the national debt, GW Bush was an idiot who spent money like water.

To be honest, I think the problem is more a matter of the average American citizen feeling more removed and less involved with the government. In a Democracy, a lethargic, sometimes selfish citizenry is deadly.

you don't think that 15% maybe had a little do with the Oil issue do ya maybe a bit more then he was a Dem...GW had a good econ , but decided 2 wars, a huge tax break, and his medicare perscription drug plan did not need to be paid for...( or his no child left behind but as always he passed that to the states budget)

Republicans don't cut spending...they do accounting tricks , borrow from other sources, and pass the buck down..or just pass bills with no money to fund it...and then wait for a Dem to take office and then pretend to care.

 

[Hobo1]

Neither party is frugal, unless a Constitutional Amendment says they must.

 

[Lagboltz]

To be honest, I think the problem is more a matter of the average American citizen feeling more removed and less involved with the government. In a Democracy, a lethargic, sometimes selfish citizenry is deadly.

That's part of the problem. The deficit has been climbing a couple decades, but there was no real media cry until recently. People weren't made aware of the problem. It was only recently that pundits included SS and medicare in the debt calculation.