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"Through
an accounting sleight of hand with far greater consequences than the corporate scandals of recent years, the federal government
distorts public debate, threatens social programs and impoverishes future generations"
--HOWELL E. JACKSON
For excellent current articles on the state of the
deficit, see the Center on Budget and Policy Priorities website at-- http://www.cbpp.org/
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The New York Times
October 9, 2003
It's Even Worse Than You Think
By HOWELL E. JACKSON
Excerpt--
CAMBRIDGE, Mass.
Last week the federal government ended the fiscal year with a reported deficit of approximately
$400 billion, pushing the federal debt held by the public to nearly $4 trillion. Sobering though these numbers are, they actually
understate the problem. Through an accounting sleight of hand with far greater consequences than the corporate scandals of
recent years, the federal government distorts public debate, threatens social programs and impoverishes future generations.
What's missing from the $400 billion figure is an accurate recognition of the mounting obligations of the
Social Security system. ...
But even if the Social Security surplus were not used to disguise the deficit, the budget would still ignore
the substantial growth in commitments to current workers and retirees. ...
Howell E. Jackson is professor at Harvard Law School.
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The New York Times
October 26, 2003
Market Cheer, Deficit Worries
... President Bush and his aides are in denial about the deficit's
potential impact on long-term interest rates. It's true that a stronger economy, producing more income for Uncle Sam, may
make the deficit projections less dire, but the books will not balance magically. The administration's tax cuts went too far
for that. Democrats on the campaign trail are right to want to repeal some of the cuts awarded to the wealthiest Americans.
It isn't simply a matter of fairness, but of sound economics.
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