How in the world did the US Federal government ever achieve a balanced budget and how can they go about ever doing it again?

Question

Follow up: is it realistically achievable ever again, and should it even be a goal to be concerned with?

In: Economics

Answer 1

Easily. Expend less money than you take in in taxes.

1. Cut wasted expenditure. (Continue funding the military and other large expenditures but audit and review them to make sure money isn’t being wasted or “lost”)

2. Invest in long term investments that pay for themselves and increase wealth over time. (Infrastructure for example)

3. Tax wealthy people and big business more and don’t give them tax breaks. (Wealthy people avoid taxes, and when taxed should be taxed at a higher rate as they are already benefiting the most from the system the taxes pay for.)