A balanced budget each and every year isn't necessary, at the national level probably harmful. But as Thatcher said it's possible to run out of other peoples' money, as Illinois is finding out the hard way right now.
from Forbes Real Time http://www.forbes.com/sites/timworstall/2017/06/30/illinois-proves-margaret-thatcher-you-really-can-run-out-of-other-peoples-money/
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