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But it was also a result of Manila's fiscal discipline, which produced budget surpluses from 1994 through 1997.
Corporate and academic economists say that Washington's fiscal fights have produced budget policies that amount to a self-inflicted drag on the economy's recovery.
Mayor Giuliani balanced the in-year deficit in just six months, and from that point he produced budget surpluses in every year he was in office.
He negotiated the deals which produced budget and tax agreements and averted the perils of the Fiscal Cliff.
The most widely reported recent attacks on public universities have occurred in red states, especially those where steep tax cuts have produced budget crises -- Arizona, Louisiana and Wisconsin among them.
For example, most economists would scoff at the idea, held by hardcore supply-siders, that if the U.S. Congress had given Ronald Reagan everything he asked for in terms of budget policy, the economy would have grown so fast that it would have produced budget surpluses instead of huge deficits.
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They produced budgets that didn't add up, evoked wars that wouldn't happen.
Roughly 92 percent of school boards produced budgets that kept tax increases within the cap, which limits the total increase in tax dollars that can be collected annually by a school district.
Spain and Portugal now have budget surpluses, though the current slowdown is producing budget deficits in countries like Germany and Italy.
As my fellow Economix contributor Simon Johnson has noted, the corruption of the agencies that produce budget data is a crucial cause of Europe's debt crisis.
Another thing: those railing against the stimulus are often the same folks who inherited an economy producing budget surpluses and transformed it into today's fiscal catastrophe.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com