Balancing America’s Budget Amendment
Posted: Wed Jun 16, 2010 1:28 pm
I know I am not the only one concerned with the direction this country is headed. I have written this constitutional amendment and e-mailed and talked with my congressman about it. Tell me what you think and id you support it........talk with your congressman as well.
Balancing America’s Budget Amendment.
The United States Government’s budget can be no larger than the previous year’s tax receipts or the previous year’s budget plus population growth and inflation (as calculated by the Congressional Budget Office) unless one of the following exceptions are met.
1.The United States Government no longer has any debt outstanding AND no longer has any unfunded liabilities. Liabilities are defined as any financial obligation that the United States Government for future payments. This includes but is not limited to federal pensions, healthcare, social security, Medicare, and Medicaid. To be funded there must be adequate invested and/or cash resources to pay obligations. Calculations for funding must use the 30 year average corporate bond/money market yield or current corporate bond/money market yield whichever is lower (corporate bond investment calculated with corporate yields and cash assets with money market yields). Assets can only be invested in investment grade corporate bonds or cash.
2.The United States Government is in a declared war. Then the cost of the war along with unfunded liabilities directly related to the war can be paid for with “War Bonds”. Unfunded liabilities could include rebuilding of a country, and paying of veterans benefits.
Balancing America’s Budget Amendment.
The United States Government’s budget can be no larger than the previous year’s tax receipts or the previous year’s budget plus population growth and inflation (as calculated by the Congressional Budget Office) unless one of the following exceptions are met.
1.The United States Government no longer has any debt outstanding AND no longer has any unfunded liabilities. Liabilities are defined as any financial obligation that the United States Government for future payments. This includes but is not limited to federal pensions, healthcare, social security, Medicare, and Medicaid. To be funded there must be adequate invested and/or cash resources to pay obligations. Calculations for funding must use the 30 year average corporate bond/money market yield or current corporate bond/money market yield whichever is lower (corporate bond investment calculated with corporate yields and cash assets with money market yields). Assets can only be invested in investment grade corporate bonds or cash.
2.The United States Government is in a declared war. Then the cost of the war along with unfunded liabilities directly related to the war can be paid for with “War Bonds”. Unfunded liabilities could include rebuilding of a country, and paying of veterans benefits.