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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (392640)4/15/2003 3:07:17 PM
From: Kenneth E. Phillipps  Read Replies (5) of 769667
 
...in 38 years of continuous red ink from fiscal 1970 through 1997, the average deficit -- at 2.8% of GDP -- was below the 3% to 4% range that brackets most estimates of this year's shortfall," says Goldman Senior Economist Ed McKelvey. "If you're setting up a situation in which deficits are going to persist at the levels we think they are going to as far as you can see, that's a fairly significant drain on the capital markets."

In other words, a long term structural deficit - a budget that never will return to surplus.
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