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SGR Exclusive
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Sunday, 24 July 2011 23:00 |
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North Carolina Republicans in Congress voted for a constitutional amendment last week that calls for a constitutional amendment that mandates a balanced budget. It's been a popular political position for conservatives and Republicans for years, especially since President Ronald Reagan's administration. But what would such an amendment mean if it were adopted and enforced? Barlow Herget's Exclusive guest, Karl Smith, PhD, at the School of Government at UNC-Chapel Hill says it would require federal spending to equal federal revenues. And what does that mean? Depending on what government programs Congress would protect, Smith says it could mean the government could pay for Social Security but not much else. Medicare would be severely reduced as well as Medicaid. Defense spending could be eliminated! More frightening, a balanced budget amendment would restrict the government's ability to overcome recessions and to wage war.
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