Finance minister Ibrahim Alassaf made the statements following a meeting with the IMF on Saturday (October 6th), during which he was warned that falling energy prices and the large budget surpluses
since 2009 would damage Saudi Arabia's fiscal position.
The world's top oil exporter has run large budget surpluses
since 2009 but the IMF said in a report last month that falling energy prices would hurt the kingdom's fiscal position.
It is these observations that appear to be causing economists to raise their forecasts of the economy's long-term growth rates and budget surpluses
RUNNING federal budget surpluses
when the economy is operating at full employment is not fiscally responsible.
Current projections are that federal budget surpluses
may be nearly $2 trillion over the next ten years, that's a sharp increase from earlier estimates of around $750 billion.
Texas has had six consecutive years of budget surpluses
, balanced budgets, increased funding for education, and tax cuts.
The fattest, juiciest bait in the President's budget is his proposal to commit 62 percent of budget surpluses
over the next 15 years to Social Security and pay down the public debt in the process.
One correspondent, Dean Dowling, asked what happened to budget surpluses
Under the Ricardian equivalence hypothesis, the timing of budget surpluses
and deficits--and therefore the perceived fiscal policy rule--is unimportant, and the Lucas critique does not apply.
In addition, the public sector continues to run sizable primary budget surpluses
(excluding interest payments), driven by buoyant tax performance.
Angelenos know better than anyone what becomes of budget surpluses
that aren't returned to the people who earned them.
It is these observations that appear to be causing economists, including those who contributed to the Office of Management and Budget (OMB) and the CBO budget projections, to raise their forecasts of the economy's long-term growth rates and budget surpluses