What has caused the vast growth in deficits since the turn of the century, a brief period when the federal government ran surpluses? The answer: They were largely built in through mandatory spending legislation, mainly Social Security and healthcare, enacted before this century began.
After a colleague of mine retired he took a job in his home country of Taiwan. When he came back for a visit a year later he told me that Taiwan never had deficit problems until they began to provide government subsidized health care.
After a colleague of mine retired he took a job in his home country of Taiwan. When he came back for a visit a year later he told me that Taiwan never had deficit problems until they began to provide government subsidized health care.