The Incredible Shrinking Deficit

We’ve heard little about it in the mass media, but the U.S. budget deficit is headed for a surplus despite additional military, homeland security, and entitlement spending. We’ll tell you why this is happening and what its implications are.

It has long been argued in the popular press that tax cuts create bigger government deficits and that the only sure way to eliminate budget deficits is eliminating so-called tax cuts for the rich. But, if that’s the case, how could the Office of Management and Budget ann.....