| HappySqurriel said: With proper budgeting practices deficits are entirely unnecessary ... If you collect 5% or 10% more money that you spend and save it to ensure that spending levels can be maintained in the case of a economic shock, or increased in the case of war, and if you expend this fund you cut discretionary spending and increase taxes to cover the shortfall. |
I agree with this line of thinking completely, but the problem is that when the public sees the government taking 5-10% more taxes than it needs, the public demands tax cuts. Even when the budget is in deficit, there's always huge political pressure for tax cuts.
It's easier to convince the public that the state needs to pay off a debt than to convince them that the state needs to save for the future. And when you consider how hard it is to convince the public to pay off debt...
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