High federal deficits and debts emerged in the United States during the Great Depression and World War II. Since the Great Recession though, a more troubling phenomenon has emerged: persistent deficits even when the country is at peace and is enjoying economic growth, leading to a constantly expanding national debt. Why are these annual deficits occurring year after year? What are the key contributing factors? If there is a way for our nation to reign in this out-of-control spending, what should be done and who will it impact?
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