Reeling from Fiscal Vertigo

Conservatives would have much less to fear from Big Government and the entitlement state if one simple little mechanism were in place that was ironclad and could not be gotten around. That simple little mechanism is this: a requirement that the federal government pay off all its yearly bills by the end of each fiscal year. In other words, the federal government would have to operate entirely off of cash flow, i.e., tax receipts. Were that mechanism in place, conservatives could then taunt progressives to do their damnedest: You want another Big Government program? Fine, but you'll have to raise taxes. The GOP could let Democrats enact every Big Government program they can think of because their tax hikes to fund their new programs would sink the economy and the electorate would run back to the GOP and fiscal sanity. Imagine what the economy would have been over the last four years if Congress had to raise taxes to pay for all their spending. Congress would have had to suck more than...(Read Full Article)

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