To be clear, aiming to reduce the national debt in the long term and running small surpluses when the economy is operating close to full capacity is what I mean when I talk about seeking to 'balance the books' - a sensible approach.
When you’ve changed the budget, you’ve really changed the government, and until you change the budget, you’ve just talked about changing government.
I personally do not worship at the alter of a balanced budget.
A corporation's primary goal is to make money. Government's primary role is to take a big chunk of that money and give it to others.
Of course, tax revenues have ended up being substantially higher than they were at the time these dire projections were made, and we are very close now to having a balanced budget. All that has been very helpful.
While a Treasury surplus is not the greatest evil, it is a serious evil.
In 1828 we raised the duties, on an average, to nearly fifty per cent, when the debt was on the eve of being discharged, and thereby flooded the country with a revenue, when discharged, which could not be absorbed by the most lavish expenditures.
I don't have a firm line on balanced budgets.
As long as we get stronger growth and a better economy, it will impact the krone.
