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Would you support an Amendment prohibiting the US Gov. from deficit spending even if it would likely lead to a future Great Depression?
Populist outrage at the size of our current debt may spur passage of a Constitutional Amendment barring the Federal Government from running a deficit. However, there is wide agreement now among economists that the aggressive intervention shoring up financial institutions in 2008–2009 prevented what otherwise would have been a second great depression. We know that deficit spending far greater than that of 2008–2009 (as a percent of Gross Domestic Product) was needed to turn around the last Great Depression and then more such debt was needed to win WWII, a war provoked by the worldwide suffering the USA’s banking collapse triggered. Given all this, should we take the risk and pass such an Amendment anyway?
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