There is no real justification for a requirement that a budget of any sort should be balanced, except as a rallying point for those who seek to hamstring government.
William VickreyThe insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.
William VickreyDeficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
William VickreyThere is no reason inherent in the real resources available to us why we cannot move rapidly within the next two or three years to a state of genuine full employment.
William Vickrey