I support the Balance Budget Amendment and believe we should have a plan to pay off the federal debt. Spending our children's future is not just irresponsible, it is barbaric.
The issue is not just a matter of willpower, it is an issue of rights. When the government spends more takes in, it creates an automatic tax on all citizens. It's called inflation. The money supply is artificially expanded through government bonds. That means everyone pays more for everything they purchase and all savings are reduced in value. This is the most dishonest, perverse and unconstitutional form of taxation ever created.
After forty years of constantly increasing this 'hidden' tax, the federal government has acquired an obligation to pay interest (not the bonds, just the interest) which exceeds any other expenditure by government. Only when they realized that there would soon be no money left for any government programs (except interest) were spend-crazed legislators forced to consider a balanced budget plan.
Government cannot create value out of thin air. It cannot spend more than it takes. The only benefits government can provide are for the common defense and objective arbitration of criminal and civil disputes. The more steps we take in that direction, the more freedom and liberty individual citizens will have to improve their lives and their communities.
My 'rule of thumb' for the federal budget is the exact opposite of what Congress has done for the past forty years. Rather than increase spending three dollars for every dollar collected, we should be reducing spending by three dollars for every dollar of tax reduction, until the budget is balanced and the debt paid.
Although my opponent, Brad Sherman, praises a balanced budget, he has not supported the Balanced Budget Amendment and he has supported spending increases on nearly every vote.