The Vanishing Surplus
White House Predictions for the Budget Surplus for 2001
(Not Counting Social Security)
July........$ 72 billion
August.....$ 1 billion
Note: The tax cut lowered the surplus this year by $41 billion.
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CG - 8/28/2001
Given the history of budget surpluses, it was a wise move to return the money to the over-taxed rather than sit back and wait for Congress to fritter away the money with inane spending programs. Kudos to the bipartisan coalition that adopted the recent tax cut.
I wonder, however, about the idea of surpluses "excluding Social Security and Medicare." Why excluding them, and not military expenditures, the highway trust fund, or military pensions? It seems to me that if we allow politicians to continue playing this game, they could always say they have responsibly adopted a budget that is in surplus, excluding all the spending!