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... accounting ... not a deficit on the primitive "pile of money" accounting of the USG.

IOW, where capital spending is funded by bonds, the interest payments and bond repayments to retire the bonds must be fully funded by revenues ... no rolling over debt, and no borrowing to meet current expenditure.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Jun 2nd, 2008 at 01:37:54 AM EST
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