CFAEF Board Member Dr. Kevin Gutzman observes: “This ball is rolling. Four states have adopted the CFA legislation. The first three states have now organized the CFA Commission, as per the compact’s provision. Five other states have passed the bill through one house of their legislatures. Several other states are on track to act soon.” Click on the banner for the entire article. #compactforamericacorepriniciples
Sen. Green argues: "With the ongoing financial crisis and political gridlock in Washington, D.C., there is no more appropriate time for us to act other than now." Click on the picture for the whole article.
Cato Institute spotlights the dangerously increasing publicly held portion of the national debt in new research. Without even counting the debt held in intergovernmental accounts, the Institute reports: "High and rising debt harms the economy, and it will impose a large burden on future taxpayers. It could lead to a financial crisis, like we have seen in Greece and other nations." Click on the logo for more! #compactforamericacorepriniciples #fiscalpolicyresearch
From the doc: "The one group of decision makers that need to pay attention to this is our legislators in Congress. A downturn would immediately translate into a sharply rising deficit. Keep in mind that personal income is by far the largest tax base for the federal govenrment, responsible for approximately 80 percent of all federal tax revenue. A weaker labor market will have immediate, and painful, effects on the federal budget." Click on the Debt Doctor for the rest of the
Michigan Senator Ken Horn explains his support for the Compact for a Balanced Budget: "Every year over the past five years, the Michigan Legislature has passed a balanced budget ahead of schedule to ensure that our taxpayers are confident that their money is being used responsibly. The federal government needs to do the same." Click on the picture for more! #compactforamericacorepriniciples
From the article: "private-sector activity points to a peak in the current business cycle during the winter, whereafter we will head for a relatively mild recession." Click on the Debt Doctor for more! #fiscalpolicyresearch
"The compact passed the Republican-controlled Senate by a vote of 26 to 11. The legislation calls for setting a federal debt limit to no greater than 105 percent of outstanding debt once the compact is ratified. A majority of state legislatures have to approve any future requests from Congress to increase the debt limit." Click on the banner for more!
The Compact for a Balanced Budget Commission and the Compact for America team are grateful for the Michigan Senate’s passage of SB306-the Compact for a Balanced Budget! It is our great hope that Michigan will soon join Alaska, Georgia, Mississippi and North Dakota in a binding agreement to advance and ratify a powerful federal Balanced Budget Amendment. As you know, with an unlimited credit card that never has to be repaid, there is no reason for the federal government to bud
The Compact for a Balanced Budget advances a specific Balanced Budget Amendment that you can read today, and which four states have already contractually committed to ratify. Read it here. Section 7 of the Compact's BBA states that the Amendment is self-enforcing. Strangely, even this provision has drawn the fire of the opposition. The term is included because there is case law that says constitutional provisions are not necessarily effective or enforceable unless enforced by