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10 cards from this deck
G>TG > TG>T (govt spending exceeds tax revenue)
Deficit=flow (annual); Debt=stock (cumulative)
Debt to GDP ratio
Deficit portion that varies with economic cycle
Deficit component unrelated to economic state; persists
Progressive taxes & income-related welfare benefits
Govt borrowing raises rates, cuts private investment
Reproductive: assets; Deadweight: current spending
Renewing debt as portions mature
Independent analysis of UK public-sector finances
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