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Politics : Ask Michael Burke

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To: Mike M2 who wrote (45045)	1/30/1999 5:28:00 PM
From: Knighty Tin	Read Replies (2) of 132070

Mike, I usually agree with Crudele, but I think he has some bad info here. There are many kinds of debt. Debt used for daily operations should be zapped by a surplus. However, debt used to fund long term capital commitments is not a current liability of any one year's budget. To use an example, a toll bridge may be built with debt, but it will pay its cost over time with user fees. As far as the budget is concerned, the entire cost of the bridge is not a current liability. The interest on the loan is. Also, he seems to confuse deficits and debt. They are not the same thing. BTW, I agree with him that there is no real surplus and it is accounting gimmickry. I just think he got off on some bad definitions. MB

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