Balancing Act

STEPHEN MOORE

ANYONE who doubts the value of the balanced-budget amendment should just listen to the amendment’s opponents. Virtually every pro-spending special-interest group—the AFL-CIO, the National Education Association, the American Association of Retired Persons, government employee unions, most defense contractors—has condemned the idea. These groups complain that taking away the government’s ability to borrow will necessitate cutbacks on housing, welfare, programs for the elderly, student loans, highways and transit, farm price supports, business subsidies, and on and on.

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STEPHEN MOORE

ANYONE who doubts the value of the balanced-budget amendment should just listen to the amendment’s opponents. Virtually every pro-spending special-interest group—the AFL-CIO, the National Education Association, the American Association of Retired Persons, government employee unions, most defense contractors—has condemned the idea. These groups complain that taking away the government’s ability to borrow will necessitate cutbacks on housing, welfare, programs for the elderly, student loans, highways and transit, farm price supports, business subsidies, and on and on.