Government Debt
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Status Quo Option: Keep the Existing Plank. For all platform categories
we have the option of doing nothing; that is accepting what the LP already
has.
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The LP Platform Currently Reads
The Issue: Government debt forces individuals
to assume debt that they did not choose to incur; distorts capital markets
and rates and ruins the economy.
The Principle: Government must not incur
debt, nor should it be allowed to hold assets, for these are debts incumbent
on and assets taken away from the individuals of this country.
Solutions: We support the drive for a constitutional
amendment requiring the national government to balance its budget, and also
support similar amendments to require balanced state budgets. To be effective,
a balanced budget amendment should provide: a. that neither Congress
nor the President be permitted to override this requirement;
b. that all off-budget items are included in the budget; c.
that the budget is balanced exclusively by cutting expenditures, and not
by raising taxes; and d. that no exception be made for periods
of national emergency. Governments facing fiscal crises should
always default in preference to raising taxes.
Transitional Action: The Federal Reserve
must be forbidden to acquire any additional government securities, thereby
helping to eliminate the inflationary aspect of the deficit. At a minimum,
the level of government should be frozen.
[If you think the current LP position on this subject is acceptable, then
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3 Comments (This is also the place for general comments about this plank
vs. comments about particular proposals.)
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