Has anyone noticed that the U.S. budget deficit has plunged by nearly $1 trillion since its peak in 2009? Probably not. It has become a politically inconvenient truth that budget deficits will only grow and never decline, and yet, an astounding $1 trillion dollars has been hacked from the annual shortfall. The winding down of two decade-long wars, fiscal restraint, stronger than forecast economic growth, hence higher tax receipts, and higher tax rates, have all contributed to a very significant decline in government red ink.
Posted on: Thu, 17 Apr 2014 17:18:22 +0000
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