Later On

A blog written for those whose interests more or less match mine.

From whence the deficit?

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The graph is from a post by Ezra Klein, which begins:

In 2000, economists saw surpluses far into the future. The basic prediction was that, in 2009, we’d be running a $710 billion surplus. In reality, we’re going to see a $546 billion deficit. That’s a $1.3 trillion deterioration in federal finances since Bush took office. There are, as you’d expect, a fair number of excuses. Bad economy. Terrorism. The hand of God, in other words, which reached into our treasury and grabbed out the cash. But the Center for Budget and Policy Priorities took a look at the numbers and found that the change in fiscal future was not, in fact, an act of nature. It was an outcome of policy.

Continue reading.

Written by Leisureguy

13 September 2008 at 8:01 am

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