Deficit Spending: The Exception or the Rule
/Deficit spending occurs when expenditures exceed revenues. In the past 80 years, the U.S. government has spent less than it received a mere seven times. It has happened only once since 1960 (in 2000). With this track record, it seems fairly clear that deficit spending is the Rule for Washington and not the Exception.
There may have been lots of economic, political and social reasons why the government has incurred a budget deficit, but the pattern is clear. The U.S. government continuously spends more than it receives.
With this track record, any sane financial adviser would tell you to change your behavior. You simply can't spend more than you make forever, and neither can the U.S. government. Despite the warnings and some attempts by Congress to balance the budget, Congress has not been able to break the habit of overspending. Based on the current budget projections, the U.S. will continue to deficit spend for the next decade.
What will it take for our government to change the habit from deficit spending to balanced budgets, at least more than once every 50+ years?