debate the U.S. federal budget and the different opinions regarding the need (or not) for a balanced budget.
The comic below exhibits a satire about people’s feelings regarding the federal budget: regardless of the result, they are never happy with it. In 1995, a proposed constitutional amendment that would require a balanced budget passed the U.S. House of Representatives by a wide margin, and failed in the U.S. Senate by only one vote. As a result, the U.S. federal government doesn’t have to run on a balanced budget by law, but a number of economists argue it should. In the comic, you can see some of the arguments used by the general public to claim that a balanced budget is not a good end goal, but what are some of the arguments that economists use to claim that it is a good idea? On the other hand, what are the economic arguments presented by balanced budget opponents? Do you agree with the complaints made by the comic characters about deficits or with the complaints regarding surpluses? (Or Both? Or Neither?) Justify your answers.
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