Why a balanced budget amendment is a bad idea

Yesterday the Journal had a lead editorial giving only some of the reasons a balanced budget amendment is not worthwhile. I agree with the editorial, and in fact there are additional reasons it can hurt the economy. Japan's "lost decade" - a time of terrible economic malaise in Japan (1991-2000) was brought on to a great extent by their obsession to balance their budget. This is spelled out on Kenneth Fisher's book, which I posted about in January, 2007 Latest read: The Only Three Questions that Count

Anyway, here's the Journal editorial -

... we have been writing since at least the 1995 vote on a balanced budget amendment that we do not believe this mechanism can achieve its desired result. Its effects may even prove perverse.

HOWEVER, the Journal - and I - do support the other initiatives -

The BBA's supporters are right that the U.S. is riding a runaway entitlement train. That train, however, is the product of politics, and politics is the way it will have to be stopped. ...

We certainly support the House GOP's plan today to vote to cut spending by $111 billion in fiscal 2012, and to cap spending in future years at a gradually smaller share of the economy. They should make this plan their main political argument, and leave the Constitution out of it.