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Answer:
In simple terms, a budget deficit is the difference between what the federal government spends (called outlays) and what it takes in (called revenue or receipts). The national debt, also known as the public debt, is the result of the federal government borrowing money to cover years and years of budget deficits.
Explanation:
The social, political, and economic changes experienced by Americans on the home-front during World War II were massive, since everyone was asked to support the ear effort either make manufactoring goods or buying war bonds.
Answer:
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Explanation:
Before its entry into World War I, the United States of America was a nation of untapped military potential and growing economic might. But the war changed the United States in two important ways: the country's military was turned into a large-scale fighting force with the intense experience of modern war, a force that was clearly equal to that of the old Great Powers; and the balance of economic power began to shift from the drained nations of Europe to America.
However, the dreadful toll taken by the war led U.S. politicians to retreat from the world and return to a policy of isolationism. That isolation initially limited the impact of America's growth, which would only truly come to fruition in the aftermath of World War II. This retreat also undermined the League of Nations and the emerging new political order.
Socialism Rises to the World Stage
The collapse of Russia under the pressure of total warfare allowed socialist revolutionaries to seize power and turn communism, one of the world’s growing ideologies, into a major European force. While the global socialist revolution that Vladimir Lenin believed was coming never happened, the presence of a huge and potentially powerful communist nation in Europe and Asia changed the balance of world politics.
Germany's politics initially tottered toward joining Russia, but eventually pulled back from experiencing a full Leninist change and formed a new social democracy. This would come under great pressure and fail from the challenge of Germany's right, whereas Russia's authoritarian regime after the tsarists lasted for decades.
