Last month, the Treasury Department surprised everybody by announcing that the federal government has been in surplus for the past year. Just a puny $2.5 billion in the black, but it’s the first budget surplus in almost 30 years. And it’s likely to get bigger this year—as high as $30 to $40 billion.
LOS ANGELES TIMES
What is perhaps most interesting about this news excerpt from 1998 is that just a few short years before, virtually every economist on the planet seemed to agree on two things: The U.S. budget deficit posed the gravest of threats to the entire global economy, and there was no really painless way to slay the budget deficit dragon.
Of course, we now know that an incredible surge of productivity ...