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Rationale for the US Federal Budget deficit

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Explain why the United States has ran a Federal budget deficit for the majority of the last 80 years

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Reasons for the US Federal Budget deficit over recent history

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Like most developed nations, the United States has an elaborate entitlement system to care for its elderly. These programs began about 80 years ago, with FDR's "New Deal." Today, most of the federal spending stems from defense, Social Security and Medicare. In order to curb the deficit, then, we need to cut Social Security and ...

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