Paul Ryan's latest plan to balance the budget won't work, nor will any other plan that fails to restore the link between taxing and spending, says Bill White, author of "America's Fiscal Constitution". White says the first step to a balance budget is to make sure voters know why the government is borrowing money. He also says that politicians will make the necessary changes if the electorate demands it. Finally, White says the fiscal problems plaguing Detroit and Puerto Rico show the danger of continuous compounding.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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