Bob Wise: “There is a fundamental difference I think that is emerging in the Kyl amendment and those who advocate it and those who…”

“There is a fundamental difference I think that is emerging in the Kyl amendment and those who advocate it and those who oppose it, and I think that is where is the role of government? The Kyl amendment says that it would limit spending unless 60 percent waive the requirement. It would limit spending to 19 percent of GDP. That would be written in the Constitution. The gentleman from Oregon makes the point that as the economy grows, then the Government could spend more. It is sort of an Amway sales commission approach. You do well and you get more commission. That assumes that everybody wants to spend more. The problem is this: When the economy is growing, it is not necessarily when the Government needs to be more involved. The problem is that when the economy is contracting in recessionary times is when you want to do the Government spending. And while I do have difficulty pronouncing Keynesian economics, I would observe that most Presidents, from both Republican and Democrat Parties, while they may say they abhor Keynesian economics, in truth they employ it.”