Balanced budget amendment passed in 1980

What if a Balanced budget amendment had passed in 1980 with the military taking the brunt of the spending cuts? Spending cuts of $85 billion for a budget of $591 billion would have to be managed over a 5 year period and assume that $45 billion would have to be cut from the military and the rest is equally balanced throughout the rest of the government. No deficit is allowed from 1985 onwards except in case of war. What would be the consequences on the Cold War, Soviet Union and american projection of power for the years to come? Would would have been the consequences domestically of such a reduced inflow of capital in the economy?
 
The idea of this amendment was short sighted and did not allow for economic adjustments and actions in times of trouble that would require violating its very idea (albeit those adjustments and actions are limited until the point of recovery in an optimum scenario). Therefore, it ain't gonna be good for the economy in the long run.
 
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