The Economic Consequences of Disappearing Government Debt

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Abstract
Federal budgetary developments in the United States of late have been fast moving and nothing short of outstanding: The latest projections of the Congressional Budget Office (CBO) peg the federal surplus for fiscal year 2000 in excess of $230 billion, around $50 billion more than its forecast of just six months earlier. For a generation accustomed to mounting government obligations and dire warnings of adverse macroeconomic consequences, a surplus in 2000 amounting to 2.4 percent of nominal GDP—the largest since 1948—would seem to imply a changed economic landscape.

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