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Why the $1.4 Trillion Deficit Is Still a Worry

October 23rd, 2009 . by economistmom

I’ll write my report on Denver later tonight (am still here in Denver until this afternoon), but I’ve at least got time to mention that at yesterday’s all-day/evening events here, my boss Bob Bixby mentioned at least a couple times that the fiscal year 2009 federal budget deficit came in lower than previously forecast–”just” $1.4 trillion instead of $1.6 trillion (CBO’s prior estimate) or $1.8 trillion (OMB’s prior estimate). We fiscal hawks at the Concord Coalition don’t “celebrate” this–nor even apologize for it as I think Stan Collender essentially does when he calls the deficit a “triumph of fiscal policy” which “deserves to be applauded.”

I basically agree with the sentiment of this Washington Post editorial from a couple days ago.  But I’ll explain more in the context of the “Denver Download” later.

Oh, and yesterday my oldest daughter turned 18 (Happy Birthday, Allie!)–and that is not at all unrelated to why I still worry about the budget deficit.

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