Balance Budget

Balance Budget - Hale Scheckelhoff Economics Extra Credit...

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Hale Scheckelhoff Economics Extra Credit 500 word Essay Question #4: Should the Government Balance Its Budget? Every year between 1969 and 1998 the United States federal government was in a deficit. A deficit is when a spending amount exceeds revenue. Currently the national debt is over $5.5 trillion. To get out of a deficit taxes would have to increase and government programs, such Social Security would have to be eliminated. This eliminating of the national debt would be decrease the standard of living for future generations, so economists hope to avoid the debts. The balanced budget amendment is a rule stating that a state should not spend more than its income creating more national debts. It emphasizes the projected costs and expenditures of the government. The idea of balanced budget amendments has been added to many state constitutions in the United States and in Germany and Switzerland. The idea is trying to be implemented to the United States Constitution, with exceptions during war and with
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This note was uploaded on 01/23/2012 for the course BUS 101 taught by Professor Rollins during the Fall '08 term at Miami University.

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Balance Budget - Hale Scheckelhoff Economics Extra Credit...

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