News Desk: Special Reports

Federal Government Budget Surplus or Deficit

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surplus-deficit

Having a gold standard leads to gentle cycles of deficit and surplus in federal expenditure.  Once the stability provided by the gold standard -- which acts as the gyroscope of the international economy -- is lost, a strong bias to government budget deficits of increasing scope becomes evident.  The surplus of the 1997 era makes it notable, however, that monetary policy is a critical component to prosperity.  It is, as a technical matter, virtually impossible consistently to maintain the requisite level of stability under the International Dollar Standard.

SOURCE: The White House: Office of Management and Budget, 2011-02-11

 

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