Why, exactly, did we start running persistent deficits?
It ran persistent deficits even in good times.
The persistent deficits (trade, current account, budget) are eating away at the strength of our currency.
Even before the terrorist attack the Saudi system was looking wobbly, with persistent deficits, mounting debt and growing unemployment.
For decades, Wales, like Greece, has been plagued by persistent deficits and uncompetitive industries.
True, its current account has been broadly balanced, in contrast with America's large and persistent deficits.
He said the persistent deficits were due mainly to increases in health insurance premiums and in mandatory contributions to the state pension plan.
Since then the budget surpluses of the Clinton years have given way to persistent deficits, and income inequality has risen to new heights, vindicating his opposition.
An obvious danger of large and persistent deficits is a loss of faith in governments' ability to cap the rise in debt.
So the causation could run the other way, with deregulation and rising leverage pulling in foreign capital, keeping the dollar overvalued, and producing persistent deficits.
Once the debt is stable, the nation would most likely avoid the worst effects of persistent deficits, including sharply higher interest rates and slower growth.
