Surplus!

The venerable BizzyBlog discusses current budget deficit forecasts and takes the AP to task for perpetuating the myth about "surpluses," making a critical point missed all-too-often by... almost everyone:

That report was issued by the Congressional Budget Office in January 2001, as the dot-com bubble was bursting, the economy was slowing, and, not coincidentally, as administrations were changing. Nobody should have believed the surplus nonsense when it was released, and it’s disingenuous to pretend now that it ever had any credibility.

The sad thing is this narrative - that we were headed for trillions in surpluses until Bush and greedy Republicans "gave it away" to the rich - is all but etched onto the American soul, aided willingly by liberals and haplessly by Republicans. In my view, the only way to erase this nonsense is for the budget to again reach surplus -- without tax hikes. Godspeed to the Republican minority for holding out another year.