How would the economy be different, if at all, today?
If you will recall, it was one vote shy in the U.S. Senate from being sent to the states for ratification. Let’s assume that 3/4ths of the states voted to ratify and it became part of the Constitution.
What would have happened to spending after 9/11? Bush’s tax cuts? Medicare Prescription Drugs? War in Iraq? Bailouts? TARP?
A federal amendment balancing the federal budget in 1995 means squat to repealing the Glass-Steagall Act (which occurred in 1999), which many consider to be a pivotal moment that contributed significantly to private financial institutions from raping the economy for their own benefit.
The problem is not the excessive federal budget, per se. The problem is the short-sighted, greedy and self-serving attitude of Americans who want something for nothing.
Well, given that we had surpluses in the last Clinton years and a little after, and then 9/11 happened and “we were at war” (which is an exception to balanced budget rules), so basicallly, umm, not much different at all.
The recent rash of federal spending, while not for war, would still be covered since we are at war. (Which is what people knew all along. “We have always been at war.” I think is was Ford that finally cancelled the “national emergency” left over from WWII. But then a new one was issued shortly thereafter.) See here about our current 14 year national emergency.
(emphasis added)
Except for the fact that the United States is NOT at war. In fact, now that I am thinking about it, the Balanced Budget amendment would have forced Bush to have Congress declare war for him to have actually perpetrated the Iraqi war/occupation.
hmmmm, hindsight and all.
Moved to Great Debates.
I can’t even count the number of wars we’re at. 
Iraq, Afghanistan are only the best known with the most bullets fired per square mile.
Lets see: the wars on “terrorism” (my personal favorite imaginary war), drugs, and poverty (fighting that one since LBJ). There are the culture wars, the wars on ignorance and illiteracy.
There’s got to be a bunch more that I can’t think of right now…
Oh yeah, there’s a war on Christmas, isn’t there?
And of course, most of the spending for that war we may or may not be in was officially left out of the budget. Part of the reason why the deficit appears to have suddenly ballooned under Obama is that he’s being honest about it.
You forgot the war against prosperity;)
If we were going to climb into the wayback machine, I’d be more interested in seeing what would have happened to the economy if we’d never formed NAFTA.