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February 26, 2026 

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FEDERAL SURPLUS: The difference between federal government spending and taxes when taxes are greater than spending.

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CONTRACTION

A phase of the business cycle characterized by a general period of declining economic activity. A contraction is one of two basic business cycle phases. The other is expansion. The transition from contraction to expansion is termed a trough and the transition from expansion to contraction is termed a peak. The popular term for contraction, one that frequently shows up in the media, is recession.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for vindictive digital clocks with revenge on their minds.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"One person with a belief is equal to a force of ninety-nine with only interests."

-- John Stuart Mill

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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