I noticed something curious in the news this week. The U.S.government has returned to deficit spending.(That's not the curious thing.It's a set up for the curious thing.) Anyway, when the government closed the books in late 2002, it was reported that the government spent $159 billion more than it took in. It was quite a turnaround.At the end of 2001, the government was $127 billion in the black. Prospects for the next year are only a little better, or a little worse, depending on whose estimate you care to consider.The White House says the deficit in 2003 will be $109 billion.The Congressional Budget Office says $145 billion. Any way you look at it, the days of budget surplus seem to have ended. Of course, Democrats were quick to blame the return to deficits on W's tax cuts.The true blame lies with a flailing economy and a floundering stock market.Those two things caused tax receipts to fall dramatically.
GARY GERARD, Times-Union Managing Editor- | July 28, 2016
