5. During the Reagan era, 1981-1988, the U.S. current account moved from a tiny surplus to a large deficit. The following table provides U.S. macroeconomic data for that period. YEAR 1980 1981 1982 1983 1984 1985 1986 1987 1988 PRIVATE SAVINGS 500 586 617 641 743 736 721 731 802 PRIVATE INVESTMENT 468 558 503 547 719 715 718 749 794 -30 -109 -140 -109 -125 -147 -112 -98 GOVERNMENT BUDGET -35 DEFICIT 2 5 -11 -45 -100-125 -151 -167 -129 CURRENT-ACCOUNT BALANCE a. Based on these data, to what extent would you attribute the changes in the U.S. current-account balance to a decline in the U.S. private savings-investment balance? b. To what extent would you attribute the changes in the U.S. current-account balance to an increase in the U.S. government budget deficit? c. Based on these data, what was the excess of national spending over national income during this period? 5. During the Reagan era, 1981-1988, the U.S. current account moved from a tiny surplus to a large deficit. The following table provides U.S. macroeconomic data for that period. YEAR 1980 1981 1982 1983 1984 1985 1986 1987 1988 PRIVATE SAVINGS 500 586 617 641 743 736 721 731 802 PRIVATE INVESTMENT 468 558 503 547 719 715 718 749 794 -30 -109 -140 -109 -125 -147 -112 -98 GOVERNMENT BUDGET -35 DEFICIT 2 5 -11 -45 -100-125 -151 -167 -129 CURRENT-ACCOUNT BALANCE a. Based on these data, to what extent would you attribute the changes in the U.S. current-account balance to a decline in the U.S. private savings-investment balance? b. To what extent would you attribute the changes in the U.S. current-account balance to an increase in the U.S. government budget deficit? c. Based on these data, what was the excess of national spending over national income during this period