The last time we were able to balance the budget was during the Clinton presidency when we had significant growth and reduced military spending.
We then had an election which was probably stolen where we elected George W. Bush who decided to give the wealthy a significant tax break since we had a surplus. Then 9-11, the start of our involvement in the middle east, significant deficits leading to the financial crisis.
The financial crisis had many causes but the underlying reason was the belief that real estate would keep going up so giving people bad loans secured by property was low risk. It wasn't.
In fact it came close to destroying the economy but we were able to recover under Obama with some stimulus and added bank regulation.
That recovery was somewhat slower but steadier than previous ones and started to reduce the deficit.
We then elected the current guy who replicated that tax cut for the rich, despite a significant deficit, on the long disproven premise that a tax cut would pay for itself in growth.
It didn't but he managed to keep the Obama recovery going until the Pandemic cause the economy to crash.
We are now in a significant recession which is going to take time to get out of while our give a ways have greatly increased the deficits.
We obviously need a change to fix it but it is going to be a real challenge based on the mess we have now.
We can have a boom if we actually embrace the change to renewable energy, electric or hybrid cars, solar panels and replace our crumbling infrastructure.
Or we can continue to subsidize the rich.
Simple choice.
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