Deficit? Russians Need Magic Wand
According to “Russian Budget Is Beyond ‘Deficit’ ” [Nov. 21], the shortfall is so serious that the word “deficit” is no longer adequate. Their chief economic guru says they need a new word.
Haven’t they learned anything from us? You call it a surplus.
That’s what Congress (with White House acquiescence) does. They borrow (steal?) from the Social Security trust fund and--presto--no more deficit.
You say the Russians don’t have a Social Security trust fund? Well, don’t tell anybody, but neither do we. The money is gone. Congress spent it. What’s left is a zillion dollars worth of IOUs.
GEORGE KISEDA
Los Angeles
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
