From WSJopinion: It’s hard to argue that it is good for the country to have the government continue to cook the books, writes steelegordon
Journal Editorial Report: The week's best and worst from Jason Riley, Allysia Finley, Mary O'Grady and Dan Henninger. Images: AFP/Getty Images Composite: Mark KellyThe federal government ran budget surpluses from 1998 to 2001. Yet the national debt went up in every one of those four years. How can debt go up when you’re running surpluses? Easy, borrow the surpluses then flowing into the Social Security Trust Fund and call it income.
After the Civil War, the American industrial base exploded in size. There were no industrial corporations listed on the New York Stock Exchange in 1860. By 1900 there were hundreds. Previously, the owners of businesses had almost always been the managers of them as well. But as capital needs expanded, ownership of corporations increasingly separated from management. This caused a big problem in accounting.
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