Use access key #2 to skip to page content.

buffalonate (48.37)

Congress needs a financial control board



November 21, 2011 – Comments (5)

Does anyone really believe that our politicians will ever get our deficit under control.  Our only way out of our fiscal mess it to take it out of the hands of the politicians.  Politicians don't have the balls to make tough decisions.  They only care about not making their core constituency mad so they can get re-elected.  What we desperately need is a financial control board that is filled with non-politicians to balance the budget.  The City of Buffalo and the surrounding county of Erie County both were nearly bankrupt a few years ago.  The state set up a financial control board for each of them.  The control boards were filled up with non-politicians and made the tough choices.  Now both governments are solvent and have money set aside for a rainy day.  We need a constitutional amendment that will allow the federal government to do the same thing.  This constitutional amendment would put a financial control board in charge of our budget process for the next 10 years or so.  If you filled the financial control board with a combination of former politicians and budget experts our budget problems could be solved very easily.  I see this as the only realistic option for saving our country from certain doom. 

5 Comments – Post Your Own

#1) On November 21, 2011 at 2:02 PM, materialsman92 (35.28) wrote:

Good idea, but how do we propose this or get a constitutional amendment. Congress will never approve...

Report this comment
#2) On November 21, 2011 at 2:34 PM, edwjm (99.88) wrote:


Report this comment
#3) On November 21, 2011 at 2:51 PM, buffalonate (48.37) wrote:

I think there is a reasonable chance that Congress would pass some form of this.   As long as they don't have to make the tough decisions themselves.  Republicans don't want to raise taxes and Democrats don't won't to cut social spending.  With a financial control board both parties can say I didn't do it the board did.

Report this comment
#4) On November 21, 2011 at 3:04 PM, TheDumbMoney (73.17) wrote:

You know, we already did this with our monetary policy.  It's called the Fed.  And people LOVE that! 

Yes, I can just picture it.  I can just imagine how people would scream with joy to see unelected technocrats cutting medicare, raising social security ages, and killing sacred cow defense programs like the Osprey, etc., while modestly raising taxes.

I joke, but I have often thought we should consider doing this. Some academics have been suggesting it since the last budget crisis in the mid-1990's.  It's a lot closer to the China model, actually, but with the advantage (here) of electoral accountability, via the legislators and executive who would be responsible for appointing and/or confirming the members of such a body.

But that said, if you think people scream about and second-guess the Fed, you ain't seen nothin' yet if such a body actually started making some tough decisions.

Report this comment
#5) On November 21, 2011 at 3:13 PM, miteycasey (28.91) wrote:

Congress should be happy to do this. Then they can blame someone else for the budget.

Report this comment

Featured Broker Partners