phantom surplus?

[Brad De Long]

>  >The Phantom Surplus
>>By ROBERT D. REISCHAUER
>
>Looks right to me...
>
>Brad DeLong, who has just finished ranting at a WSJ reporter about
>how the right baseline for spending grows at the same rate as nominal
>GDP.
>>>>>>>>>>>>>>>>>>
>
>Good thing he/she didn't ask you about that
>petition you signed.
>
>mbs

Ah. But raising the baseline *reduces* the amount of cash left for 
tax reductions, saving social security, or debt paydowns. It raises 
the amount of money spent on discretionary programs in the default 
case in which congress paralyzes itself...

Petition? What petition? Oceana has *always* been at war with Eurasia...

Brad DeLong