In this cruel and illiberal atmosphere, politicians with gay inclinations had to keep them secret from the public at large, and ran enormous risks.
At the time China and oil-producing states were running enormous current-account surpluses with America and building up large foreign-exchange reserves, contributing to what Ben Bernanke, Mr Greenspan's successor as Fed chairman, labelled a "global saving glut".
We are running enormous deficits as far as the eye can see, and this is a constraint on spending for many good causes, including my favorite, military pay raises.
Mr. Pynzenyk said the politicians' refusal to face up to the financial crisis with proper austerity measures had clearly worsened matters, and said they were running enormous deficits to pander to voters.
He argued that they were too expensive to administer, even though the cost is put at $2 million a year, tops, and even though the state has been running enormous budget surpluses.
This age of austerity has been brought on by the financial crisis that has left governments running enormous budget deficits, but facing electorates still expecting increased standards in public services, especially as the tax burden rises.
That gives the U.S. incredible leverage because China's running enormous deficits with the rest of the world in order to run a surplus against the US.
After nearly a decade of mass unemployment, stagnation, foreclosures, bankruptcies, and muddled policy (sound familiar?) the US government massively increased its spending to pay for the War; that is, it ran enormous budget deficits.
