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

> ELI5: How in the world did the US Federal government ever achieve a balanced budget

raised taxes on rich people

> and how can they go about ever doing it again?

raise taxes on rich people

> should it even be a goal to be concerned with?

Not particularly. Long-run structural deficits are fine within broad limits. Even if you care about it, what you would want is a cyclically balanced budget running deficits in recessions and surpluses in boom years, and not an annually-balanced budget. Those are about as bright as a small appliance bulb.