I disagree on the balanced budget amendment idea. It's one thing for Congress and the President to get together on a bad law, like the one Obama signed yesterday. It would be much, much worse for them to get together on a bad constitutional amendment. To those who say that it would not necessarily be a bad amendment, I say, Hello? Have you been paying attention? There is no way on God's green earth that they would get it right, but they could easily waste about a decade fighting about it.

And how are the mechanics of the amendment supposed to work? Is there supposed to be some objective benchmark that says when the budget is balanced? I don't see it happening.

All those difficulties aside, I just don't think the Constitution is the place for specific economic policies. The Constitution provides the framework. Congress is supposed to provide the policy. James Madison and his friends did a nice job. I would prefer that Eric Cantor, Mike Pence, Mitch McConnell, Rand Paul, et al., keep their hands off of it.