That’s Billion with a ‘B’
The Washington Post ran one of those “news” stories about the deficit today. Here’s some of it:
Federal Reserve Chairman Alan Greenspan warned yesterday that continuing large federal budget deficits eventually would cause long-term interest rates to rise and damage U.S. economic growth.
“There is no question that if you run substantial and excessive deficits over time, you are draining savings from the private sector, and other things equal, you do clearly undercut the growth rate of the economy,” Greenspan told the Senate Banking Committee.
On Tuesday, the Bush administration forecast that the deficit will reach $455 billion in fiscal 2003 and rise to $475 billion next year . . .
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