Budget Deficit (Finish Lesson 9 before starting this assignment)

For each question, write one paragraph of 100-300 words. Each paragraph should be well written, concise, and coherent. DO NOT USE UNCONVENTIONAL LANGUAGE TO AVOID PLAGIARISM DETECTION. This assignment should take about 2-4 hours total, including reading/research (you will need to do research beyond Lesson 9 of the text) and writing. Assignment MUST be uploaded to eCampus as a PDF or Word file.

1. Explain budget deficit, surplus, and balanced budget. What is the difference between a budget deficit and the debt? How are they related?
2. Read the following article. In your own words, briefly summarize the article’s argument (don’t copy and paste sections of the article – that’s plagiarism). According to the article, an economy in danger of recession should worry more about what, balancing the budget or fighting a recession? Explain why those two things are tradeoff.  
3. During the tech boom of 2000 and the Great Recession of 2008/2009, briefly summarize our federal government’s budget situation and how the macroeconomy contributed to the budget situation. Explain how the state of the macroeconomy affects the budget situation and in the case of 2008, what government action (fiscal policy) contributed to the budget situation and why the action was taken.
4. What is the projected budget outcome for fiscal year 2019? Given the current state of the economy, explain why is this an unexpected outcome. Explain why this outcome happened and why this is an ironic situation given the Republicans’ concerns about the budget situation during the Obama administration (Great Recession and years following the Great Recession).