The CBO is forecasting that this year’s budget deficit could be in the $150 billion range, a lot lower than last year’s $248 billion.
If this continues, we will be in surplus territory soon. If so, we need to come up with a new policy stance which I will call “Balanced Budget Conservatism.” I’ll put more meat on this idea later (and, to everyone blogging here, please feel free to add your own), but for now I’ll just say that we need to start pushing the idea of using the surplus to create personal accounts that help us save for the coming shortfalls in Social Security and Medicare.
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