Actually we’ve been running deficit for as long as I can find data for, except for about a decade in the 1990s.
But then, who hasn’t? The US?
(edit: Speaking of which, US has the tax law that is effectively anti-progressive on the high range—every big company exploits loopholes)
Good point.
The budget has to be in defecit, or else the whole system falls apart. That’s the modern system of fiat money—it’s based on continued issuance through deficit spending. Just not too much deficit or you end up in hyperinflation.
Actually we’ve been running deficit for as long as I can find data for, except for about a decade in the 1990s.
But then, who hasn’t? The US?
(edit: Speaking of which, US has the tax law that is effectively anti-progressive on the high range—every big company exploits loopholes)
Good point.
The budget has to be in defecit, or else the whole system falls apart. That’s the modern system of fiat money—it’s based on continued issuance through deficit spending. Just not too much deficit or you end up in hyperinflation.