3. Why is it important to balance the budget? What would happen if the government repeatedly engages in deficit spending?

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17-07-2024
Social Studies

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3. Why is it important to balance the budget? What would happen if the government repeatedly engages in deficit spending?

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-17T14:59:59-04:00

Final answer:

Balancing the government budget is crucial to avoid economic repercussions from excessive deficit spending.

Explanation:

It is important to balance the budget to ensure fiscal responsibility and prevent negative economic consequences. When a government repeatedly deficit spends, it leads to increased borrowing, reduced financial capital for private sector firms, trade imbalances, and financial crises. Additionally, a balanced budget can help decrease interest rates, increase savings and investment, and stimulate economic growth.

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