What Happens with the National Debt
The Political Orphanage
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The History of Deficit Spending and Expansion
The federal government ran deficits and stacked up debt during the Revolutionary War. Once each conflict concluded, the government would rebalance the budget to reflect that new debt. But nobody thought you'd spend more than usual during a recession. In 1920, Warren Harding took a position of liquidization, also known by its detractors as let it crash economics.
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