Dubyanomics: Bush's budget policies make Reaganomics look honest. (The Taxonomist).(George W. Bush)

ALL ACROSS THE COUNTRY, NEWSPAPERS BIG AND SMALL have reported the shocking news that the $5.6 trillion in 10-year budget surpluses projected in early 2001 has almost disappeared. Instead, as an Associated Press story typically put it, "Last month, government analysts at the Congressional Budget Office projected [only] a $1 trillion federal budget surplus for the fiscal years 2003 to 2012." No doubt this is the conventional wisdom, but it's not true.

The budget forecast was never as rosy as the press reported last year, and the current outlook is far grimmer than the ...

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