wonder when Canada was balanced?

Repealed Glass Steagall + internet bubble all of which blew up on the next guy's watch.

Interesting. The US has to provide USD and even more importantly UST to the world as the global reserve issuer (due to/since the establishment of petro-dollar system). This means it has to run deficits (= UST issuance), which can than be monetized by Fed and Banks (create USD liquidity). Hence, cons...

1999 was peak prosperity, all downhill from there