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To: Zeev Hed who wrote (36430)	7/3/1999 7:05:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116759

if these surpluses get out of hand (and I would say that if they reach much more than about 3% of GDP, it might be out of hand), then we might precipitate a recession or even worth (strangely enough the major big economic contractions in our country were preceded by few years of budget surpluses, a strange coincidence). Interesting point. I always looked upon the gov't paying out interest on debt as being the true culprit, causing interest rates to be higher than necessary due to their competition in the private bond markets. But I see your point and the reason why deficit/debt reduction must be gradual and combined with a measure of tax cuts aimed at increasing taxpayers discretionary income. Regards, Ron