Rand Paul A balanced Budget Amendment is the only way (29-Jul-11)(GLOBAL FOCUS series – US)
Uploaded by YouInformation on Jul 31, 2011
The main reason we need a Balanced Budget Amendment is to control spending. Milton Friedman was right about that. Notice below that Ron Paul quotes Friedman on this issue.
Congressman Ron Paul (R-Texas) says merely scaling back to 2008 spending levels is nowhere near enough to fix the massive government debt problems.
“As Milton Friedman famously argued, what we really need is a constitutional amendment to limit taxes and spending, not simply to balance the budget,” Paul said in a speech to the House of Representatives made prior to the vote on the “Cut, Cap and Balance” bill. The bill is expected to pass the House tonight, but President Barack Obama has said he will veto it if it clears the Senate and reaches his desk.
What is needed is a dramatically smaller federal government, says Paul. “If we achieve this, a balanced budget will take care of itself,” he says. “We need to cut back at least to where spending was a decade ago.”