This question is related to the U.S. federal budget and the different opinions regarding the need (or not) for a balanced budget.

The comic below exhibits a satire about people's feelings regarding the federal budget: regardless of the result, they are never happy with it. In 1995, a proposed constitutional amendment that would require a balanced budget passed the U.S. House of Representatives by a wide margin, and failed in the U.S. Senate by only one vote. As a result, the U.S. federal government doesn't have to run on a balanced budget by law, but a number of economists argue it should.

In the comic, you can see some of the arguments used by the general public to claim that a balanced budget is not a good end goal, but what are some of the arguments that economists use to claim that it is a good idea?

On the other hand, what are the economic arguments presented by balanced budget opponents?

Do you agree with the complaints made by the comic characters about deficits or with the complaints regarding surpluses? (Or Both? Or Neither?) Justify your answers.

The comic:

YOUR GUIDE TO the BUD WHEN GOVERNMENT SPENDING DEFICITS ARE THE WORST THING IN THE WORLD. EXCEEDS GOVERNMENT INCOME, YOU HAVE A DEFICIT OUT OF CONTROL SPENDING! CUT SOCIAL PROGRAMS! DEFICIT THINK OF THE CHILDREN! WHEN GOVERNMENT INCOME SURPLUSES ARE THE WORST THING IN THE WORLD. EXCEEDS GOVERNMENT SPENDING, YOU HAVE A SURPLUS THAT'S YOUR MONEY! BACK! SURPLUS TAX CUTS! WHEN GOVERNMENT INCOME BALANCED BUDGETS ARE THE WORST THING IN THE WORLD. EQUALS GOVERNMENT SPENDING, YOU HAVE A BALANCED BUDGET GOVERNMENT IS STALLED! MY STATE NEEDS MONEY! BALANCED TIME TO GO TO WAR! ARMSRACE.COM CED 02-10