Federal Deficits Leading U.S. to Bad Times. Our collective debt went down, all too briefly, at the turn of the century. That's when our taxes exceeded what we were spending. Naturally, such fiscal sanity — living within our means and even paying our debts — became politically unsustainable.
As we prepare our 2003 tax returns, perhaps it's worth noting this colossal obligation. Because we're kidding ourselves when we pretend it doesn't matter. [Dan Gillmor's eJournal]