Balanced Budget Amendment - Pros and Cons in Budgeting

Balanced Budget Amendment - Pros and Cons in Budgeting The balanced budget amendment is a proposal introduced in Congress almost every two years, without success, that would limit the federal governments spending to no more than it generates in revenue from taxes in any fiscal year. While almost every state is prohibit from running deficits, federal lawmakers have never gotten  a balanced budget amendment to the U.S. Constitution signed by the president, and the government continues to run deficits in the hundreds of billions and trillions of dollars every year.   One of the milestones in the modern debate over the balanced budget amendment came in 1995, when the House of Representatives led by Speaker Newt Gingrich passed legislation that would have banned the federal government from running deficits as part of the Republican Partys Contract With America. It truly has been, I think, an historic moment for the country. We kept our promise. We worked hard. We produced a real change, Gingrich said at the time. But the victory was short-lived, and the balanced budget amendment championed by Gingrich and fiscal conservatives who had been swept into power was defeated  in the Senate by two votes. The same battle has been waged for decades and the concept is often raised during congressional and presidential campaigns because the notion of keep a balanced budget is popular among voters, particularly conservative Republicans.   What Is the Balanced Budget Amendment? Most years, the federal government spends more money than it takes in through taxes. That’s why there is a budget deficit. The government borrows the additional money it needs. That’s why the national  debt is near $20 trillion. The balanced budget amendment would prohibit the federal government from spending more than it takes in each year unless Congress specifically authorizes the additional spending through a three-fifths or two-thirds vote. It would require the president to submit a balanced budget each year. And it would allow Congress to waive the balanced budget requirement when there is a declaration of war. Amending the Constitution is more complicated than simply passing a law. Passing an amendment to the Constitution requires a two-thirds vote in each House. It is not submitted to the President for his signature. Instead, three-fourths of the state legislatures must approve it to be added to the Constitution. The only other way to amend the Constitution is to convene a Constitutional Convention at the request of two-thirds of the states. The convention method has never been used to amend the Constitution. Arguments for the Balanced Budget Amendment Advocates of a balanced budget amendment say  the federal government spends too much every year. They say that Congress has been unable to control spending without some kind of restraint and that, if spending is not controlled, our economy will suffer and our standard of living will drop. The federal government will continue to borrow until investors no longer will purchase bonds. The federal government will default and our economy will collapse. If Congress is required to balance the budget, it would figure out what programs are wasteful and would spend money more wisely, advocates say. â€Å"It’s simple math: The federal government should not be spending more taxpayer money that it brings in,† said Republican U.S. Sen. Grassley of Iowa, a longtime supporter of a balanced budget amendment.  Ã¢â‚¬Å"Almost every state has adopted some form of a balanced budget requirement, and it’s past time that the federal government follows suit.† Republican U.S. Sen. Mike Lee of Utah, a cosponsor with Grassley on a balanced budget amendment, added: Hardworking Americans have been forced to bear the burden of Congress’ inability and unwillingness to control federal overspending. As our federal debt continues to rise at an alarming rate, the least we can do is require the federal government to not spend more money than it has at its disposal.† Arguments Against a Balanced Budget Amendment Those opposed to a constitutional amendment say that it is too simplistic. Even with the amendment, balancing the budget will have to be done each year by legislation. This would require Congress to coordinate a large number of pieces of legislation – twelve appropriation bills, tax legislation, and any supplemental appropriations to name just a few of them. To balance the budget right now, Congress would have to eliminate many programs. In addition, when there is an economic downturn, the amount of taxes the federal government takes in usually drops. Spending often must be increased during those times or the economy can get worse. Under the balanced budget amendment, Congress would be unable to increase the needed spending. This is not a problem for states because they don’t control fiscal policy, but Congress needs the ability to stimulate the economy. By requiring a balanced budget every year, no matter the state of the economy, such an amendment would raise serious risks of tipping weak economies into recession and making recessions longer and deeper, causing very large job losses. That’s because the amendment would force policymakers to cut spending, raise taxes, or both just when the economy is weak or already in recession - the exact opposite of what good economic policy would advise, wrote Richard Kogan of the Center on Budget and Policy Priorities. Outlook Amending the Constitution is a rare and daunting task. It takes a great deal of time to adopt an amendment. The House may pass the constitutional amendment, but the outlook is much more uncertain in the Senate. If it passes there, it still needs to be ratified by three-fourths of the states. Because of the legitimate opposition to a balanced budget amendment among some economists and policymakers, Congress is unlikely to undertake the cumbersome process of even considering the amendment barring a significant debt crisis.

Biography of Joseph Louis Lagrange, Mathematician

Biography of Joseph Louis Lagrange, Mathematician Joseph Louis Lagrange (1736–1813) is considered to be one of the greatest mathematicians in history. Born in Italy, he made his home in France before, during, and after the French Revolution. His most important contributions to modern mathematics related to number theory and celestial mechanics, and analytic mechanics; his 1788 book Analytic Mechanics is the foundation for all later work in the field. Fast Facts: Joseph-Louis Lagrange Known For: Major contributions to mathematicsAlso Known As: Giuseppe Lodovico LagrangiaBorn: January 25, 1736 in Turin,  Piedmont-Sardinia (present-day Italy)Parents: Giuseppe Francesco Lodovico Lagrangia, Maria Teresa GrossoDied: April 10, 1813 in Paris,  FranceEducation: University of TurinPublished Works:  Letter to Giulio Carlo da Fagnano, Analytical Mechanics, Miscellany of Philosophy and Mathematics, Mà ©langes de Philosophie et de Mathà ©matique, Essai sur le Problà ¨me des Trois CorpsAwards and Honors:  Member of the Berlin Academy, Fellow of the  Royal Society of Edinburgh, foreign member of the  Royal Swedish Academy of Sciences, Grand Officer of Napoleons  Legion of Honour  and a  Count of the Empire, Grand Croix of the  Ordre Impà ©rial de la Rà ©union, 1764 prize of the  French Academy of Sciences  for his memoir on the  libration  of the Moon, commemorated on a plaque in the  Eiffel Tower, namesake for the  lunar crater  LagrangeSp ouse(s): Vittoria Conti, Renà ©e-Franà §oise-Adà ©laà ¯de Le MonnierNotable Quote: I will deduce the complete mechanics of solid and fluid bodies using the principle of least action. Early Life Joseph Louis Lagrange was born in Turin, the capital of the kingdom of Piedmont-Sardinia, to a well-to-do family on January 25, 1736. His father was treasurer of the Office of Public Works and Fortifications in Turin, but he lost his fortune as a result of bad investments. Young Joseph was intended to be a lawyer and attended the University of Turin with that goal; it wasnt until the age of 17 that he became interested in mathematics. His interest was piqued by a paper he came across by the astronomer Edmond Halley, and, entirely on his own, Lagrange dove into mathematics. In just a year, his course of self-study was so successful that he was appointed to be an assistant professor of mathematics at the Royal Military Academy. There, he taught courses in calculus and mechanics until it became clear that he was a poor educator (though a highly talented theorist). At the age of 19, Lagrange wrote to Leonhard Euler, the worlds greatest mathematician, describing his new ideas for calculus. Euler was so impressed that he recommended Lagrange for membership in the Berlin Academy at the extraordinarily young age of 20. Euler and Lagrange continued their correspondence and, as a result, the two collaborated on developing the calculus of variations. Before leaving Turin, Lagrange and friends founded the Turin Private Society, an organization intended to support pure research. The Society soon began publishing its own journal and, in 1783, it became the Turin Royal Academy of Sciences. During his time at the Society, Lagrange began applying his new ideas to several areas of mathematics: The theory of sound propagation.The theory and notation of the calculus of variations, solutions to dynamics problems, and deduction of the principle of least action.Solutions to dynamics problems such as the motion of three bodies mutually attracted by gravity. Work in Berlin Leaving Turin in 1766, Lagrange went to Berlin to fill a position recently vacated by Euler. The invitation came from Frederick the Great, who believed Lagrange to be the greatest mathematician in Europe. Lagrange spent 20 years living and working in Berlin. Though his health was sometimes precarious, he was extremely prolific. During this time he developed new theories about the three-body problem in astronomy, differential equations, probability, mechanics, and the stability of the solar system. His groundbreaking 1770 publication, Reflections on the Algebraic Resolution of Equations† launched a new branch of algebra. Work in Paris When his wife passed away and his patron Frederick the Great died, Lagrange accepted an invitation to Paris extended by Louis XVI. The invitation included luxurious rooms at the Louvre as well as every type of financial and professional support. Depressed because of his wifes death, he soon found himself married again to a much younger woman who found the gentle mathematician fascinating. While in Paris, LaGrange published Analytical Mechanics, an astonishing treatise and a still-classic mathematics text, which synthesized 100 years of research in mechanics since Newton, and led to the Lagrangian equations, which detailed and defined the differences between kinetic and potential energies. Lagrange was in Paris when the French Revolution began in 1789. Four years later, he became the head of the revolutionary weights and measures commission and helped establish the metric system. While Lagrange continued as a successful mathematician, the chemist Lavoisier (who had worked on the same commission) was guillotined. As the revolution came to a close, Lagrange became a professor of mathematics at the École Centrale des Travaux Publics (later renamed the  Ãƒâ€°cole Polytechnique), where he continued his theoretical work on calculus. When Napoleon came into power, he, too honored Lagrange. Before his death, the mathematician became a senator and count of the empire. Contributions Most Significant Contributions and Publications Lagranges most important publication was The Mà ©canique Analytique, his monumental work in pure math.His most prominent influence was his contribution to the metric system and his addition of a decimal base, which is in place largely due to his plan. Some refer to Lagrange as the founder of the Metric System.Lagrange is also known for doing a great deal of work on planetary motion. He was responsible for developing the groundwork for an alternate method of writing Newtons Equations of Motion, referred to as Lagrangian Mechanics. In 1772, he described the Lagrangian points, the points in the plane of two objects in orbit around their common center of gravity at which the combined gravitational forces are zero and where a third particle of negligible mass can remain at rest. This is why Lagrange is referred to as an astronomer/mathematician.The Lagrangian Polynomial is the easiest way to find a curve through points. Death Lagrange died in Paris in 1813 during the process of revising Analytical Mechanics. He was buried in the Panthà ©on in Paris.   Legacy Lagrange left behind an incredible array of mathematical tools, discoveries, and ideas which have had a profound impact on modern theoretical and applied calculus, algebra, mechanics, physics, and astronomy. Sources . Joseph Louis Lagrange | A Short Account of the History of MathematicsUniversity of South Florida.Joseph-Louis Lagrange. Famous Scientists.Joseph-Louis Lagrange. Stetson.edu.Struik, Dirk Jan. â€Å"Joseph-Louis Lagrange, Comte De LEmpire.†Ã‚  Encyclopà ¦dia Britannica, 18 Apr. 2019.