Reference: "United States federal budget" is licensed under http://creativecommons.org/license/by-sa/4.0How could one answer below
Q1) Are we going back to the budget deficit cycle again? Is it because of growing Government spending, the war against terror or the president Trump's stimulus policy of tax cut or emergency government spending due to Corona virus? Q2) Although the war against IRAQ was over quick(?) There will be additional cost after the war including reconstruction and humanitarian aid, or fighting against ISIS. How does this military cost contribute to our rising budget deficit? Q3) Did Trump's stimulus package( Spending increase and Tax cut) contribute to another huge budget deficit down the road? Is this TAX CUT with a large budget deficit necessary for the economy now( could this policy be overheating the economy or inflationary?) or will it cause another financial danger to haunt the US economy soon due to crowding out from these huge deficits? Or do you agree with the supply- sider that Tax cuts can boost economic growth so much to generate tax revenue and this will help reduce deficit and debt? Or did Trump tax cuts contribute to worsening income inequality between the rich and the poor? Or Biden's Covid stimulus spending will prevent another recession or lead to potential inflation? Q4) To finance the current budget deficit, the US government relies on T bond sales. A significant portion(over 30%) of T bonds are purchased by foreign governments or capitalists(lately China). What is your opinion about relying on foreign debt to finance the US budget deficit? If some foreign countries became unhappy about trade or political matters with the US government ( of the new president, Biden) or due to lack of confidence over US T Bonds and decided to cash out (sell) US T bonds they are holding, what economic consequence do you expect to occur? Q5) US national debt to its GDP is a little over 100%. The Japanese national debt to its GDP is getting close to 250%. Could this be a potential disaster for the global economy , since the Japanese economy is the 3rd largest one in the world? or do you think the US does not need to worry about its own debt, considering its own size of economy(GDP)