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Balanced Budget Amendment

Jacob Oswald. Balanced Budget Amendment. 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).

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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

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