So, how should the US economy s jobs deficit, investment deficit, and long run fiscal deficit be addressed?

Output growth in the US remains anemic, and the economy continues to face three significant deficits a jobs deficit, an investment deficit, and a long run fiscal deficit, none of which is likely to be addressed in an election year.

If a considerable fraction of the world economy wants to run a current account surplus (by 2006, this included much of emerging Asia, most oil exporters, and Japan), an equal share of the world economy must run a deficit. In the period after 1998, the United States provided almost the entire required deficit.

A deficit?

There is both a knowledge deficit and an understanding deficit.

The world has long run a substantial deficit in investment income, even though the correct numbers should sum to zero. The missing income must be going somewhere.

Mr. Bailey, there's a deficit.

But none of these is the deficit that really matters. The deficit that prevents Europe from drawing a line under its crisis is a deficit of trust.

BERKELEY The United States is beset by four deficits a fiscal deficit, a jobs deficit, a deficit in public investment, and an opportunity deficit. The budget proposals put forward by presidential candidate Mitt Romney and his running mate, Paul Ryan, could reduce the fiscal deficit, but would exacerbate the other three.

A limit on the structural deficit means that a country can run a deficit above the limit to the extent and only to the extent that the gap between revenue and spending is cyclical (that is, its economy is operating below potential due to temporary negative shocks). In other words, the target is cyclically adjusted.

I smell a gun fuse! Run! Run!

Run from Simon Run Eliza, run, run Run

Run, run, run

Run, run, run!

Budget deficit

Deficit (surplus)

Oh, run, run, run

Run! Run, Trent! Run!

On the eve of the last G 7 meeting in London, US Federal Reserve Chairman Alan Greenspan did a startling about face by soft pedaling America s trade deficit. Market pressures appear poised to stabilize and over the longer run possibly to decrease the US current account deficit and its attendant financing requirements, he said.

Run a command

Just run, run, run, until he can't run any more.

Unfortunately, the United Nations suffers from a democracy deficit.

Run, run, run When you see...

The US does indeed face a long run fiscal deficit, largely the result of rising health care costs and an aging population. But the current fiscal deficit mainly reflects weak tax revenues, owing to slow growth and high unemployment, and temporary stimulus measures that are fading away at a time when aggregate demand remains weak and additional fiscal stimulus is warranted.

Europe s Trust Deficit

Europe s Vision Deficit

The Energy Deficit

Difference (surplus deficit)

However, there remains a confidence deficit that hampers a political solution.

Run ! Run !

Run, Run

Run, run

Run! Run!

Run! Run!

Run. Run!

Run, run!

Run, run.

A war is run

I run a hospital.

America s gravest fiscal problem is the short and medium run deficit between tax revenues and spending. This deficit is entirely of Bush s own creation, having enacted and now seeking to extend tax cuts that are not cuts at all, because they merely shift the burden of fiscal consolidation onto future generations.

Lowering taxes on the poor and raising unemployment benefits while simultaneously increasing taxes on the rich can stimulate the economy, reduce the deficit, and reduce inequality. Cutting expenditures on the Iraq war and increasing expenditures on education can simultaneously increase output in the short and long run and reduce the deficit.

And we are operating with a comprehensive urban planning deficit.

UNRWA reported a projected deficit of 11.1 million for 2005.

Parentheses () indicate a deficit or decrease, except as otherwise indicated.

Now, a deficit of 247 million may occur in 1998.