Challenge: What Was the Last Year the Government Had a Surplus?

There are two kinds of U.S. government deficits: on-budget and off-budget. The one that gets all the attention is the on-budget deficit. It’s relatively small. The big one is the off-budget deficit. That is the deficit in Medicare, Medicaid, Social Security, and other government old-age wealth-transfer programs. This deficit is called unfunded liabilities. The present […]