Friday, April 1, 2011

I'll Take Stupid Constitutional Amendments for $500 Alex

Dopiest Constitutional Amendment of All Time? | Capital Gains and Games: "This is really mind boggling in its insanity. It appears to say that outlays in fiscal year 2012, which begins on October 1, 2011, may not exceed 18 percent of GDP in calendar year 2010, since that is the last full calendar year before the beginning of the next fiscal year. I assume that is so that members of Congress will have a guide for the coming year's appropriations. Right at the moment, we think GDP was $14,657.8 billion in 2010, so that means that outays in FY2012 could not be more than $2,638.4 billion. But GDP generally rises over time. The CBO expects that calendar year 2012 GDP will be $15,858 billion. Assuming that Congress was somehow or other able to meet its spending target of $2,638.4 billion, that would equal just 16.6 percent of calendar 2012 GDP. The same thing would happen year after year, forcing down spending as a share of GDP under the guise of balancing the budget."

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