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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (13357)1/24/1998 10:43:00 AM
From: tekgk  Read Replies (3) of 18056
 
Zeev,

I guess we see the budget deficit differently (which is fine - something to talk about). You talk about a balanced budget while I notice that the debt grew by 188 billion for FY 97. Add in the 120 billion or so in Social Security money that was squandered on current consumption and I get a 308 billion budget deficit. The social security administration doesn't get t-Bills, notes or bonds they get special entries in the internal government accounting system - I call them internal IOU's. I agree with you using government accounting we have a nearly balanced budget. The only reason that we get away with it is that all other countries follow similar practices - so relatively speaking we are actually a little better than average. BWDIK.
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