Quote:
Originally Posted by retiredguy123
The problem is that it is too late for a balanced budget, unless you are looking at gradually reducing spending over 10 or 20 years. If you forced a balanced budget in one year, I think the unemployment rate would increase to over 50 percent, and you would need to reduce Government pensions, Social Security, Medicare, and military spending drastically. And, the stock market would crash. That is because Congress has already spent money for many years into the future. The only way to balance the budget is to default on money that has been obligated. My opinion.
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I agree cannot do it at one time must be done gradually. They need to set a target date and make it a requirement that the deficit comes down so much a year until balance is achieved.
Than it would be nice if they continued acting responsibly running a surplus to pay down the debt.
Do I think this will happen. Unfortunately no.