FRB: Speech, Gramlich--Reducing Budget Deficits--June 24, 2004

FRB: Speech, Gramlich--Reducing Budget Deficits--June 24, 2004

Fed Governor Gramlich just gave a interesting and informative speech on the Federal Budget Deficit. He points out the difficulty in forecasting it, the fact that it is based on cash basis accounting which brings its own problems (example future social security problems!), and even suggests ways to improve the budgeting process. My