Balanced Budget Suddenly Looks More Appealing: Edward Glaeser

Aug. 2 (Bloomberg) -- We have stared hard into the abyss ofa national default, and the close call with financial Armageddonis starting to make a balanced-budget amendment look good.

A stringent restriction on public borrowing, if properlycrafted, offers the hope for more fiscal responsibility, lesswasteful spending and a slightly less terrifying budgetaryprocess. Yet while a well-crafted amendment looks a littlebetter, there are enormous challenges in creating a sensiblemeasure that balances fiscal restraint with the ability to adaptto new circumstances.