DBK: I am a little unsure whether you are disagreeing with me or supporting me. I will take it as support — amplification of this key passage in my post:

“ In practice, that means that the austerity measures required during a recession would be much more likely to take the form of spending cuts, which could be passed by majority votes, rather than tax increases. Such a procedure could set up a ratchet effect that would gradually diminish the ability of the federal government to meet its essential obligations.”