Fiscal Democracy in America
How a Balanced Budget Amendment Can Restore Sound Governance
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Beschreibung
This book explores the U.S. federal government’s need for binding budget targets to recover fiscal sustainability and boost economic growth. It details the flaws in past balanced budget amendment proposals, outlines the features of a promising new approach with broad appeal, and how the amendment might be adopted and implemented in today's political climate. Even as the U.S. economy expands, the federal government continues to run large and growing budget deficits that exceed $2 trillion per year and a debt burden eclipsing annual economic output. With debt pressures continuing to grow, Congress is almost certain to return to considering a constitutional amendment to bring the federal government’s spending and revenue into balance. Congress has attempted to pass BBAs in the past, but none have succeeded despite their proliferation among advanced economies.
In Fiscal Democracy in America, Kurt Couchman argues for a principles-based balanced budget amendment (BBA) that would let Congress phase out the gap between revenue and non-interest spending over a 10-year period to restore fiscal space for emergencies while encouraging Congress to overhaul the dysfunctional federal budget process. Couchman explores America's financial history, the dangers of high and rising debt burdens, and examples of other countries, state governments, and the U.S. federal government itself moving toward healthier budgeting practices. He particularly seeks to lay out neutral, predictable rules for sound governance so that members of Congress can holistically and responsibly manage federal spending and tax policies to provide ever-greater value for the American people. Aimed at policymakers and the public across the political spectrum, Couchman's proposals would guide America toward a more prosperous and democratic future.
Kurt Couchman is a senior fellow in fiscal policy for Americans for Prosperity.
This book explores the U.S. federal government’s need for binding budget targets to recover fiscal sustainability and boost economic growth. It details the flaws in past balanced budget amendment proposals, outlines the features of a promising new approach with broad appeal, and how the amendment might be adopted and implemented in today's political climate. Even as the U.S. economy expands, the federal government continues to run large and growing budget deficits that exceed $2 trillion per year and a debt burden eclipsing annual economic output. With debt pressures continuing to grow, Congress is almost certain to return to considering a constitutional amendment to bring the federal government’s spending and revenue into balance. Congress has attempted to pass BBAs in the past, but none have succeeded despite their proliferation among advanced economies.
In Fiscal Democracy in America, Kurt Couchman argues for a principles-based balanced budget amendment (BBA) that would let Congress phase out the gap between revenue and non-interest spending over a 10-year period to restore fiscal space for emergencies while encouraging Congress to overhaul the dysfunctional federal budget process. Couchman explores America's financial history, the dangers of high and rising debt burdens, and examples of other countries, state governments, and the U.S. federal government itself moving toward healthier budgeting practices. He particularly seeks to lay out neutral, predictable rules for sound governance so that members of Congress can holistically and responsibly manage federal spending and tax policies to provide ever-greater value for the American people. Aimed at policymakers and the public across the political spectrum, Couchman's proposals would guide America toward a more prosperous and democratic future.
Presents a practical, realism-based approach meant to appeal broadly across the political spectrum Addresses connected fiscal rules, the incentives they create for policymakers, and their effects on governance outcomes Distills lessons from international government cases and past US congressional failures to pass a BBA
Autor*in
Kurt Couchman
Themen in »Fiscal Democracy in America«
Financial Policy Balanced Budget Amendment BBA Federal Budget Constitutional Amendment Fiscal responsibility Deficit reduction Debt crisis Congressional budgeting Budget Target Debt Controls Public Finance