Party Now, Pay Later

Brief

Party Now, Pay Later

Commentary
July 5, 1999

Abstract

[Washington Post] Before we once again lay down laws dictating to future generations how to spend or save the revenues they will generate, let's ask two questions. First, are these projected surpluses likely to be real, or are they figments of the accounting systems we use? Second, if they are real, does it make sense to retain a budget policy based on the tacit promise that soon the federal government will dedicate itself almost entirely to providing for retirement needs?

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