Marshall Sanford: “On that point, I think it is interesting that Economist magazine, which is certainly well regarded, ran an article in…”

“On that point, I think it is interesting that Economist magazine, which is certainly well regarded, ran an article in the last 2 weeks called ``Counting Your Chickens Before They're Hatched'', and what the article talked about are the projected surpluses that are supposed to one day materialize and yet how maybe that might not happen. And, therefore, if we commit it to other forms of government spending, in other words, these projected surpluses, if we commit them to different forms of spending, we are kind of locked into a situation that could cause us to leave this place running big massive deficits. Larry Lindsey, who was a member of the Fed, wrote an interesting piece about 6 months ago breaking out the revenue stream to the Federal Government. In other words, the taxes that are sent in by Americans across this country up to Washington. His argument was that a large part of this job of balancing the budget has, as the gentleman correctly pointed out, not been done by folks in Washington by actually cutting spending but it has really been done on the shoulders of working Americans.”