1.In the long-run framework, budget surpluses 2. The budget deficit or surplus is 3.Deficits and surpluses are best viewed as 4.Suppose the government increases spending by $30 billion and raises taxes at by $20 billion at the same time. Then, 5 Because automatic stabilizers lower transfer payments and raise tax receipts as an economy recovers from a recession, they 6.Most of the government budget is mandatory spending through programs like Medicare and Social Security, and much of the rest is politically difficult to alter. Because of this,
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