Opinion Analysis

Saturday 25 November 2017

Alan Ahearne: Deficits must be closed if we're to stand on our own two feet

In the 1980s, the United States under President Ronald Reagan ran both government budget deficits and international trade deficits.

The budget deficit arose because US government spending exceeded revenues; the trade deficit occurred because Americans imported more than they exported.

These 'twin deficits' were related in that both reflected a nation that was living beyond its means.

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