Micro & Macroeconomics: A Balanced Economy
The major problem at the Federal Level is a lack of understanding of the distinction betweeen micro and macroeconomics. The concepts of a balanced budget and debt limits only apply at the microeconomic level. At the Federal or macroeconic level it is a balanced economy of full employment and low inflation that is required. This misunderstanding has resulted in tens of millions of Americans living in poverty for decades and America falling far short of its potential.