California in Surplus – NYTimes.com


 

As this reality becomes more obvious, the deficit scolds will of course go wild. They have staked their careers on crusading against supposedly intractable deficits, and they have their hearts (and more important, their wallets) set on exploiting the alleged fiscal crisis to dismantle social insurance programs. Good news will be a blow to everything they want, and will be furiously and vigorously denied.

But once again: deficits are receding as an issue before our eyes.

California in Surplus – NYTimes.com

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