In 1983, the U.S. government collected $600 billion in tax revenue from individuals and businesses. In the same year, the government spent a total of $706 billion on defense, Social Security, Medicare, and other programs. The Economic Recovery Tax Act of 1981 signed into law by President Ronald Reagan aimed to stimulate economic growth by cutting taxes, primarily for the wealthy, and reducing government spending. It lowered the maximum personal income tax rate from 70% to 50% and decreased the corporate tax rate from 48% to 46%. The tax cuts were intended to encourage investment, job creation, and consumer spending, ultimately leading to economic growth. A. Based on the information above, did the federal government run a budget surplus or a budget deficit in 1983? How much was it? B. Did the Federal Government conduct expansionary fiscal policy or contractionary fiscal policy? Support your answer with information from above. C. Would you agree with the strategy listed here of reducing government spending to stimulate the economy? List one argument for and one argument against this policy. Explain