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Debt should be allowed but only when the legislature authorizes it with a 2/3s supermajority vote. Having a higher voting threshold for issuing debt than for ot
by bshanks 6y ago
Debt should be allowed but only when the legislature authorizes it with a 2/3s supermajority vote. Having a higher voting threshold for issuing debt than for other decisions will reduce the amount of debt that gets issued, while still providing a mechanism to issue debt in exceptional situations.
- eldavido 6y agoI like this. It's flexible enough that it could be used in times of true crisis, but it's also super-simple, a major under-appreciated aspect of policymaking. One thing you definitely DON'T want is a California-style "we can spend with majority but raising taxes requires a 2/3 supermajority". That has produced some truly horrific outcomes in government and needs to be repealed. https://www.westerncity.com/article/californias-two-thirds-legislative-vote-requirement-and-its-role-state-budget-process https://www.westerncity.com/article/californias-two-thirds-l...