SubscribeBudget deficits and financial bubbles
Doug Noland of Prudent Bear comments on the history of U.S. government budget deficit projections as they relate to the many financial bubbles experienced in recent decades. The Congressional Budget Office (CBO) saw deficits as far as the eye could see back in the early nineties. Actual deficits turned to nice surpluses by the end of the decade. And looking back at year 2000 projections, the CBO penciled in a $400bn surplus for 2009 and better than $3.0 TN of cumulative surplus for this de
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