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The arguments for not having a balance budget include: It would be difficult to enforce, creditors provide leeway for the US since we indebt ourselves with our own currency, budget isn't the only thing when considering growth, it could potentially prolong a recession, and it could create more debt in the long run.

The arguments for having a balance budget are: It would eliminate the threat of a debt spiral, too much debt is always unsustainable, it would reduce actual debt while funding real liabilities, it could create a significant surplus in the future, and it would not prevent emergency spending policies.

I think that we should be worried about the size of the federal debt. Just because the debt is manageable now, does not mean that it will be manageable in the future. We, as citizens of this country are putting a lot of faith in policy makers, who have proven to be selfish in their own political natures. Many positions within the government are temporary (including the current job I have now) and have no real consequences for a lack of fiscal responsibility. At the end of the day, this is our money that we are paying with, and it should be accounted for in a more fiscally responsible way. One of the readings used Amazon as an example of how carrying large amounts of debt in the long run can be beneficial if the organization is growing more than what the debt is increasing. I will say that we should not compare a fortune 500 company to the U.S. government due to the simple fact they are not a money-making organization but a policy making one.

I agree with making a balanced budget. One of the biggest arguments that are against it, is that amending the constitution to enforce this could potentially limit the capacity the government has in responding to national emergencies and moments of war. There are a lot of complexities to consider such as what looks good on paper, may not be good in real life application. I would suggest a in depth accounting study that would take 10-20 years to gather data and facts. The purpose would be to really understand the economic impact that fiscal policies make and their long reaching effects over time. After this, I feel we would have reasonable data and projections on how we can account for annual fiscal budgets. Along with this, we obviously need to leave room for emergency spending in times of recession, emergencies, and war. The way I see it, the government barely helped the American people during the largest economic shut down in our lifetimes. There are large amounts of legal and fiscal complexities that drive the machine that is the U.S. government, but we should practice fiscal responsibility as much as we can. How can our culture emphasize fiscal responsibility among us as individuals, but not respond with that same principal towards our government or elected officials?