Will Franklin noticed an interesting bar chart at the OMB, comparing projected deficits to actual deficits. It's posted to his blog (Willisms) in an article titled Cutting the Deficit in Half.
I'm glad the favorable trend in the deficit is gaining some airtime. For quite a while I've been wondering when that would start happening.
In the following excerpt from Will's article, he sounds more optimistic I am:
Over the near term, if stronger-than-forecast economic growth continues, it is entirely possible that we could see surpluses before the President leaves office. Yes, even with massive spending increases.
In this excerpt, however, he sounds less optimistic than I am:
Over the longer term, of course, the picture isn't so easy and carefree. We won't be able to simply grow our way out of long-term entitlement-driven budget problems.
[I agree with the first sentence, because the baby boomer demographic bubble will be a big challenge. But I don't necessarily agree with the second sentence. Reason: Because of the near-term possibilities—or better yet, probabilities—I mentioned in this October '05 post.]
I'm not surprised there are some differences of opinion about just how good the future can be, but I am happy that the facts about the shrinking deficit are at last beginning to see the light of day. In blogs, anyway.
