Source:
Mother JonesOn Wednesday, 247 national progressive and good government organizations, including the AFL-CIO, Democracy 21, National Coalition for LGBT Health, and OMB Watch, co-signed a letter opposing House Judiciary Committee Resolution 1—better known as the balanced budget amendment. Both the House and Senate are expected to vote on the measure next week.
The bill would cap government spending at 18 percent of gross domestic product (GDP). That would slash spending much deeper than Rep. Paul Ryan's (R-Wisc.) Medicare-privatizing, Medicaid-gutting, rich people-coddling budget plan, which holds spending between 20 and 21 percent of GDP over most of the next two decades (currently, spending is around 24 percent of GDP). The proposal also makes it exceedingly difficult for Congress to undo the budget damage inflicted by the cap: it requires a supermajority in both houses to break the cap, increase the debt limit, raise taxes, or close loopholes, strangling the government's ability to increase spending on social programs, health care, or unemployment benefits. Effectively, the bill would shackle Congress to a foolish piece of legislation that could torpedo the economy and send it spiraling into another recession.
This irresponsible requirement would create an extremely steep hurdle to raising any revenues—effectively blocking revenue measures even as part of packages to restore long-term solvency to Social Security and Medicare—while protecting the more than $1 trillion a year in "tax expenditures" and forcing severe program cuts.
In short, this amendment is a recipe for making recessions more frequent, longer, and deeper, while requiring severe cuts that would harshly affect seniors, children, veterans, people with disabilities, homeland security activities, public safety, environmental protection, education and medical research. It would almost certainly necessitate massive cuts to vital programs including Social Security, Medicare, Medicaid, veterans’ benefits and other programs, and, as noted, lead to even deeper cuts than the House passed budget.Read more:
http://motherjones.com/mojo/2011/07/progressive-groups-balanced-budget-amendment-terrible-idea
It is
amazing the blackout that is being given to the radical nature of the so-called "balanced-budget" amendment, except that Democrats oppose it. It is a Protect The Rich, And Screw Everyone Else Amendment, particularly the restrictions on raising taxes in an amendment that allegedly promotes balancing the budget. Under this amendment, Social Security and Medicare woulds essentially need to be wiped out during a recession.
We are not talking a trim. Heck, the Amendment would make Ryan's Medicare plan look like socialism!!!
But, you do not hear about progressive groups opposing this legislation.
You do not hear that this legislation could mean the end of Medicare and Social Security All you hear are Democrats strongly opposing this amendment, but the reasons are censored.
The corporate media is once again hijacking the debate, and trying to run interference for Republicans who are on the verge of sending this nation into default.
So, its Blame The Democrats, and Give Republicans a Free Pass.