I’ve spoken often about why sequester type budget cuts threaten a weak economy and can worsen the debt. Today I want to talk about history.
In 1787 the delegates to the Constitutional Convention struggled over the shape of Congress. Massachusetts, Pennsylvania, and Virginia had the largest populations. The Carolinas and Georgia realized they had far fewer people, but since the primary activity of most Americans was farm or plantation labor, they thought their size would eventually give them large populations. So they formed a six state coalition for representation in proportion to population, especially with the added voting power of three fifths the number of their slaves – turning the principle of majority rule into a deal with the devil. Read the rest of this entry »