No voodoo economics-yet

The incredible shrinking surplus is upon us, moving in briskly and proving larger than expected. Even more incredible-though shrinking fast-it is still the second largest surplus in U.S. history, thanks to the end of the cold war and to the fiscal responsibility of the Clinton administration and the last several Congresses. Why is the surplus shrinking?

As many economists predicted, the Bush tax cut, accounting for two-thirds of...

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