THE PROBLEM WITH GOVERNMENT ACCOUNTING

The 'tourist explains why deficits are not all the same

I know I shouldn’t be, but sometimes I am shocked at the sheer stupidity of government. And no, this isn’t a rant against some dubious spending program. That topic is well covered by others who often think all government outlays are bad (definitely not a position I agree with). No, this is a market letter, and this post will focus on government accounti…