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George Osborne's proposed legal commitment to a budgetary surplus exceeds that of the eurozone rule.
She worked with the mayor to set aside a budgetary surplus, which tided the city through recessionary storms.
Beginning in 2016, Greece will be committed to extracting a budgetary surplus (excluding interest payments) from a shrinking economy.
But how an economy already in free fall will generate the growth to produce the needed budgetary surplus to start paying down its debt remains unanswered.
In this way a "cognitive surplus" is much like a budgetary surplus — having one doesn't necessarily mean we'll spend it well.
The budgetary surplus he is claimed to have brought the state is in dispute, with Romney himself having announced a $425 million deficit a day after he claimed a billion-dollar surplus.
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As finance minister, he reversed the century-old tradition of deficits and made budgetary surpluses the hallmark of his regime.
What is particularly distressing is to hear this recitation in the context of a historic opportunity lost -- the recent dissipation of enormous budgetary surpluses, compounded by the largest deficit in our history.
Clinton's proposal to set aside much of the budgetary surpluses over the next 15 years for Social Security (and invest some of that money in the stock market) while creating new individual savings accounts marked what could be his last-gasp effort to build a legacy to offset the stigma of impeachment that will haunt his presidency.
The state of public finances is accounted for by including a dummy which takes the value of 1 if the country is undertaking fiscal consolidation (Duval 2008).5 The expectation is that reforms (especially those that are costly to public finances) are more likely to occur in countries experiencing large budgetary surpluses (Duval and Elmeskov 2006).
Faced with a choice between living with the higher debt allowing the debt ratio to decline organically through growth or deliberately running budgetary surpluses to reduce the debt, governments with ample fiscal space will do better by living with the debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com