A requirement to have an annually balanced federal budget would mean: That there would be no more recessionary gaps or inflationary gaps.

A requirement to have an annually balanced federal budget would mean:

That there would be no more recessionary gaps or inflationary gaps.

That the role of taxes and transfers as automatic stabilizers would be undermined.

That total household disposable income would be the same every year.

That actual GDP would equal potential GDP every year.

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