Today, the United States is faced with a national debt of over $4 trillion that continues to grow in astronomical proportions. Under present circumstances, are large deficits detrimental to our economic prosperity as the current consensus seems to indicate, or are they really the public's surplus? Many consider yearly federal deficits harmful to our economic prosperity. Indeed some Americans believe that the U.S. government requires legislation to balance the budget annually. This article explores this conventional view, along with the less popular idea that deficits really do not matter. It will begin with explanation of the federal budget deficit, followed by an analysis of the two conflicting views on budget deficits. The essay will demonstrate that the United States does not need balanced budget legislation, whether ordinary legislation or a more radical amendment to the Constitution.
©1996 by the Board of Student Publications, University of Northern Iowa
"To Balance or not to Balance: The Federal Budget Deficit,"
Draftings In: Vol. 8:
2, Article 6.
Available at: https://scholarworks.uni.edu/draftings/vol8/iss2/6