Since it ignores why we have deficits and debt in the first place, a balanced budget rule would vastly expand the size of the federal government. To understand why, we need only contemplate the excellent Sen. Rand Paul’s “Six Penny” government spending plan to bring the federal budget into balance within five years.
Contemplate first what would happen if Sen. Paul’s plan to shave six cents from every dollar of annually projected spending were signed into law. The law would coincide with a substantially expanded federal spending footprint.
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