World News: Investor's Business Daily
Over the past 16 years, we have seen a remarkable transformation of the United States' fiscal picture.
In 1995, the federal budget deficit was spiraling downward. At 2.2% of GDP, the deficit was in its third year of decline, a trend that held so strongly that the budget went into surplus from 1998 to 2001. Deficits roared back in the 2000s, moderating a bit before our latest crisis took them to a stratospheric 11% of GDP.