Why Balancing The Budget Means Economic Catastrophe

It appears as if those in Washington may once again be preparing to make our economic situation even worse than it is. We have already navigated fiscal cliffs, sequestration, and other attempts to make the government fiscally “responsible,” and we dodged a bullet only days ago with respect to shutting down Homeland Security. But there are many--among both policy makers and the general public--who are convinced that one of our short-term priorities must be reducing government spending. Even Chuck Norris has now thrown his hat into the balanced-budget ring (Ready for a new U.S. Constitutional Convention?)!