"The Budget Communication carefully uses a definition of 'deficit" that gives the appearance of fiscal stability. This is more than semantics since this definition, as shown in this Review, provides for the continued growth in the national debt…even if the net balance under this definition is zero. This would be clearly evident if the more universally accepted deficit definition had been used. The Government is relying on investment capital controls to avoid an Asian-type economic melt-down."
The Review this excerpt and image are from 1998 and confirms the problem is Government spending which has led to the latest S & P downgrade this week.
Download The Review (pdf) here…
Check out more of the publications available from the Nassau Institute here… and here…
