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It is often stated that too much government spending is the problem, not a big budget deficit. The so-called Balanced Budget Amendment now on the table shows the truth of this.
A big deficit imposes burdens on the economy; higher taxes would also hurt. Neither solution addresses the real problem, which is an increasing proportion of the nation`s wealth going to support the sector least likely to spend it wisely, the government.
A better solution is to require a two-thirds majority in Congress to raise either the debt limit or taxes, with the usual exceptions.
Unfortunately, neither party seems to be very enthusiastic about a solution that is enforceable and actually forces the tough choices.
