The Unnoticed Deficit That Makes Us $6 Trillion Poorer
By James L. Payne Politicians are busy these days (talking about) trying to fix deficits, trying to close the gap between what government spends and what it takes in. It’s a difficult task, but it is assumed that in the long run some combination of spending cuts and tax increases will bring us to balanced budgets. If that day ever arrives, the politicians will toast each other for their maturity and leadership, and assume that the country’s fiscal problems have been solved. Unfortunately, this self-congratulation would not be justified. In this balanced budget situation, with taxes fully covering expenditures,...
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