All deficits mean that not enough money is coming in to pay for all the spending in a given time period, usually one year.
..... All surpluses mean that more income has been coming in than was paid out in that time period, usually one year. They may be used to reduce the debt.
..... The debt is increased by each deficit, and so do the penalty payments, called interest.
..... Obviously this is a matter of politics - to not tax enough, or even to give tax breaks, in order to get many more votes in the next election.
..... Large deficits mean large interest payments, again and again and again, each year. Inflation and loss of the value of the currency may not be noticed by most people at the time, but they are very important.
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