George W. Bush and the Return to Deficit Finance
Two noteworthy events were underway at the twenty-first century’s turn. One was the long and anxious buildup to Y2K, followed by the quiet fizzle of the overblown prophecies flogged by the media of IT Armageddon. The other was that the US federal budget was in the midst of its longest period of sustained surpluses since before the Second World War. It would last precisely four years.
“George W. Bush and the Return to Deficit Finance”, Public Choice 118 (March 2004), pp. 223–234.