The Return of Rosy Scenario

If you want to get good and depressed, go the Web site of the Office of Management and Budget and spend some time browsing through the plethora of materials related to the 2011 federal budget. That's what I've being doing for the past couple of days, and, boy oh boy, it wasn't much fun. Even if the economic recovery continues at a healthy clip, with annual GDP growth averaging about four per cent over the next five years, the budget deficit, currently running at about $1.55 trillion, will...