Part 2/10:
For decades, the U.S. has grappled with systemic budget deficits. The last time the nation boasted a budget surplus was back in 2001 under President Bill Clinton. The trend of operating with a deficit has continued under various administrations. The Biden administration, in particular, has facilitated some of the largest deficits recorded in American history, with the deficit hovering around 6% of GDP in 2023 and 2024. This figure is significant, as it is more than double the Eurozone average and illustrates just how extreme the gap between revenue and expenditure has become.