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Balanced Budget Amendment PowerPoint Presentation
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Balanced Budget Amendment

Balanced Budget Amendment

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Balanced Budget Amendment

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  1. Jacob Oswald Balanced Budget Amendment

  2. Introduction • "We're 47th in press freedom....10th in economic freedom....51st in math and science education....we spend the most on health care but can't crack the top 20 in life expectancy..." (Oremus, 2012). • What we are first in: "defense spending, obesity, divorce, illegal drug use, and student loan debt" (Oremus, 2012). • #1 in Federal Debt

  3. Taxation without Representation • American Revolution • Children paying • “They will have either higher taxes or have lower benefits” (Burns).

  4. Dr. J. Huston McColloch’s Amendment Idea • Set debt ceiling at current level • Future vote to lower debt ceiling • Counts current year debt

  5. Dr. Steven G. Calabresi’s Idea • Impeachable penalty for unbalanced budget • 6 month budget adoption requirement • More time to solve other problems

  6. How the Budget is Created • Taxes + Borrowing = Mandatory Expenses + Discretionary Expenses + Interest Federal Debt

  7. Spending Cuts • “America still spends more on its defense than the next 20 countries combined” (Hanson, 2012) • Unmanned war machines • “Many jobs of today will be gone in 20 years and jobs not invented yet will be needed in the future.” (Hakes, 2013)

  8. Opposing Side • Politicians care about elections • Resistance to change • Economy is unpredictable

  9. Action • Follow the news (CNN App) • Remember we pay for “free” government • Make informed voting decisions • Help raise awareness

  10. References Burns, S., & Kotlikoff, L. J. (2012). The clash of generations. Cambridge. MA: The MIT Press • Calabresi, S. (2011). The answer is a balanced budget amendment. American Spectator, 44(8), 16 • Crain, K. (2011). Why not a balanced budget for everyone. Crain's Detroit Business, 27(30), 0006 • Kramer, M. (2012). A people's guide to the federal budget. Northampton, MA: Interlink Books • Hakes, D. (2013, March). Macroeconomics: Unemployment. Lecture presented at Curris Business Building, Cedar Falls, IA • Hanson, V. (2012). America on defense. Commentary, 134(3), 32 • Mattera, J. (2011). The return of a balanced budget amendment. Human Events, 67(9), 12 • McCulloch, J. (2012). An improved balanced budget amendment. Independence Review, 17(2), 219 • Norquist, G. (2011). A balanced budget consensus. American Spectator, 44(10), 56 • Oremus, W. (2012). The US is number one (in cheese production)! The US is still the best in the world at these 24 weird, surprising, and inspiring categories. Slate. Retrieved from http://www.slate.com/articles/news_and_politics/politics/2012/07/the_greatest_country_i n_the_world_the_usa_is_tops_in_cheese_production_and_these_23_other_categories_.si ngle.html • Social Security and Medicare tax rates: maximum taxable earnings. (2013, February 6). Social Security. Retrieved from http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/240/~/social- security-and-medicare-tax-rates%3B-maximum-taxable-earnings • Thompson, M. (2011). How to save a trillion dollars. Time, 177(16), 24 • Uhler, L. (2011). Let's get balanced budget amendment right. Human Events, 67(38), 17