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In their famous book, Democracy in Deficit, James Buchanan and Richard Wagner define the notion of fiscal constitution … constitution.'(Buchanan and Wagner 1977, 21) This paper analyzes the history of American fiscal policy from post-World War II to … the Gramm-Rudman Act of 1985, using the fiscal constitution concept as a framework. The paper generally finds that the …
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Charles J. Whalen evaluates the political and economic arguments in favor of a constitutional amendment requiring a balanced budget and concludes that, although today's federal budget process needs reform, the balanced budget amendment is not a solution. In fact, such an amendment would divert...
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Continuous federal budget deficits and a rising public debt have been presented in terms that have produced mounting dissatisfaction with government. One solution offered to deal with this discontent has been a constitutional amendment to balance the federal budget. In a working paper, Charles...
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