Fifteen years ago today, the media was reporting a record budget surplus and the newly-installed President Bush was deciding how he planned to spend it. But the surplus didn’t last long. I put together this look at deficits and surpluses going back 101 years from OMB data, adjusted for inflation. It’s always a fascinating exercise to look over this type of material and its stunning to see how much we spent, as a nation, during the financial crisis.

Jan. 31, 2016

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