Over the past 50 years,the prevailing national attitude toward the government budget has been one

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Over the past 50 years, the prevailing national attitude toward the government budget has shifted from favoring annually balanced budgets to favoring a budget balanced over the business cycle back to favoring annually balanced budgets. This is due to changes in economic circumstances and political preferences. Initially, after World War II, there was a strong emphasis on balanced budgets to reduce the debt accumulated during the war. In the 1960s and 1970s, policymakers shifted to the idea of balancing the budget over the business cycle, allowing for deficits during recessions to stimulate the economy. However, in the 1980s and 1990s, there was a renewed emphasis on annually balanced budgets due to concerns about rising debt levels. This pattern has continued in recent years, with some policymakers advocating for annual balance while others argue for flexibility to respond to economic downturns.

Over the Past 50 Years,the Prevailing National Attitude Toward the Government