Using quarterly data since 1959, graph Federal government expenditures and receipts as a percentage of GDP. Separately,
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Using quarterly data since 1959, graph Federal government expenditures and receipts as a percentage of GDP. Separately, graph state and local government expenditures and receipts as a percentage of GDP. Compare the two graphs. How do Federal and state/local governments compare in terms of
(a) growth of total spending and taxes over time
(b) the tendency to run deficits?
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