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Between 2007 and 2011 the
federal budget deficit grew from $160.7 billion to $1,299.6 billion, and the
national debt grew from $8.9 trillion to $14.8 trillion. (Figure 10.1: The
ratio of debt to GDP, 1977-2011.)Â
In your post, differentiate the
budget deficit from the national debt. How do you think the increases in
the budget deficits and the national debt will affect the economy in the
future?
Reference: Chapter 10, section
10.1: Debt and Deficits, and section 10.4: Do Deficits Matter?
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