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Budget Surplus, What Budget Surplus?
In an article about the President's proposed budget reduction plan the Associated Press "reports" the following:
Bush, who inherited a budget surplus that shifted to record deficits in his first term, wants to show Wall Street and fiscal conservatives he is serious about tackling deficits.
Similar to its Democratic counterpart, the AP has often cited the surplus of the Clinton years in contrast to the yearly Republican deficit. In reality, the total National Debt increased every year of the Clinton presidency [source: Bureau of Public Debt]. In other words, there was no budget surplus.
The way the deficit is reported enables politicians (and the AP) to hide the true yearly amount borrowed through intra-government loans [more]. It doesn’t take an economics expert to figure out that ever increasing debt means a yearly budget deficit and NOT a surplus.
Posted by tim at February 7, 2005 7:46 AM
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