Commentary
The Republican Study Committee has done a great service by developing a serious proposal for getting to a federal balanced budget within seven years. You can read it yourself here.
RSC Chairman Rep. Jim Banks of Indiana and RSC Budget and Spending Task Force Chairman Rep. Kevin Hern of Oklahoma led the effort which produced a solid beginning for a discussion of how to make balancing the budget a practical project.
In my new book, “Defeating Big Government Socialism,” I discuss the moral and practical importance of getting back to a balanced budget.
For me, this is a real passion. When I was Speaker, we balanced the budget for four straight years (the only time in our lifetime it has been done). In fact, when I left the speakership in 1999, experts were projecting that we would pay down the entire federal debt and then-Chairman of the Federal Reserve Alan Greenspan testified to Congress that the Federal Reserve experts were wrestling with how to manage the money supply if there was no debt….