Thailand needs a balanced-budget law
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One of the best ways to minimise money politics, prevent a populist government from coming to power, ensure economic stability and promote good government is to have an amendment in the constitution that requires a balanced budget (or a surplus, but no de
Among the many countries and territories that have such a balanced-budget law already are Germany, Hong Kong and Switzerland. They maintain strong economies and suffer less from money politics.
A balanced-budget law would discourage a lot of plundering politicians from running for office in the first place. It would also create competition among ministries for a limited budget, thereby encouraging more active resistance to waste and abuse.
Politicians in the most corrupt countries often buy votes with taxpayer money by promising unsustainable government spending on constituents. The result is often a poor economy, poor government services and low-quality politics. In today’s populist socio-political situation, Thailand could quickly become another Greece.
Thai politicians might rationalise that a balanced-budget amendment creates risk. Unfortunately, a far higher risk is that we create an emergency because of populist spending, and still another political and social crisis. Exceptions can be made in case of an emergency, requiring a super-majority in legislative votes.
Gerald Fortson
