Amending the U.S. Constitution - Essay Example

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Balanced Budget Amendment is a constitutional policy that the government cannot spend more than its income which in effect mandates the government to strike a…
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Amending the U.S. Constitution
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Balanced Budget Amendment If there is an Amendment that ought to be included to the US Constitution, it should be the Balanced Budget Amendment. Balanced Budget Amendment is a constitutional policy that the government cannot spend more than its income which in effect mandates the government to strike a balance between its expenditures and revenue hence the policy called Balanced Budget Amendment.
Implementing Balanced Budget Amendment is timely also because it will solve many ills in our economy which is budget deficit that is driving our economy to bankruptcy. By implementing balanced expenditure to revenue, we can arrest our ballooning budget deficit and restore vigor in our economy. Second, by integrating the Balanced Budget Amendment in our Constitution, it becomes an imperative for politicians to follow. Without this policy, politicians will be left squandering our national budget and leave us in deficit again. Experience taught us that our politicians does not have the fiscal discipline and cannot make hard choices to arrest our deficit.
While Balanced Budget Amendment has its advantages, it has its drawbacks also. The most obvious would be the lack of flexibility in allocating budget since expense has already a ceiling on what we make as a country. Second, it is prohibitive towards loans that create value in the future. For example, high cost infrastructure such as roads and schools are often loaned due to its huge budget requirement with the expectation that better infrastructure will benefit us in the future. Discouraging loans which is inherent in the Balanced Budget Amendment will deprive us of making long term investments through loan.
Of all the popular Amendments, Balanced Budget Amendment is the one that will most likely pass the ratification process because lawmakers realize that it is now time to clip our deficits which Balanced Budget Amendment could arrest. Read More
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