A balanced budget amendment is a waste of time

August 4, 2011 9:52 PM ~  
One of the issues that wasn't covered very much in the recent fraud referred to as the debt ceiling debate was the balanced budget amendment. Several Tea Party favorites like Rand Paul touted adding such an amendment to the compromise so that we "didn't find ourselves in this same situation later on down the road."

Think about this: most, if not all, of the states already have balanced budget legislation. On top of that, the states can't invent money out of thin air through the federal reserve. Yet many of the states, including some big ones like California and New Jersey, are in debt. They're bankrupt, they are going down in flames. So, what good does it do to have some rule telling the rule-makers that they have to balance their budget? Obviously none.

We need to slash, or better yet eliminate the government, not "balance" it.