The Vanishing Surplus

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White House Predictions for the Budget Surplus for 2001
(Not Counting Social Security)

April.......$122 billion
July........$ 72 billion
August.....$ 1 billion

Note: The tax cut lowered the surplus this year by $41 billion.

Surprised? We're not. As Bernard"Cassandra" Weisberger explained June 10, surpluses have a history of disappearing. Click here to read Mr. Weisberger's article.

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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!