Living in an age of gold rather than a Golden Age

The real size of the U.S. budget deficit On Jan. 17, to little fanfare and even less media coverage, the Treasury reported (a month late) that the Generally Accepted Accounting Principles deficit was $6.9 trillion, or 46 percent of total U.S. economic activity for 2012. The 2011 GAAP deficit was $4.6 trillion. GAAP accounting is […]