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The importance of any piece of economic information depends on your time horizon.\xa0 For traders, the issue is how it will move markets today.\xa0 For politicians, its relevance lies in how it could shape public opinion between now and the next election.\xa0 However, for long-term investors, what really matters is how it will impact the economic and financial environment for decades to come.\xa0 From this last viewpoint, there is no more important topic than the continued deterioration in the federal finances.\xa0\nInformation released in the last few days provides an updated perspective on this issue.\xa0 However, before delving into this, let\u2019s take a quick look at upcoming economic data.