Budget Deficits and Surpluses of USA: An Historical Analysis

This article analyzes u.s. federal budget surpluses and deficits to better understand the usa current fiscal position and problems in an historical perspective. a long-run perspective on u.s. federal budget deficits is also helpful in understanding the deficit/debt problem. the history of us federal budget management divided into three epochs in this study. the study shows that budget deficit and debt problem especially began since the late 1970’s-third epoch- when the federal government has operated chronic and huge deficits in which usually without economic rationale.