Given actual exchange-rate movements, the IMF reckons that if the only thing surplus countries had done was to let their currencies rise, then growth might have ended up declining by between two and four percentage points.
Malthus, himself, had joined the surplus generation only nine years before.
In other words, haggling not only determines how the surplus from trade is divided, it also reduces the surplus once the cost of the haggling is taken into account.
But only if the Social Security surplus was spent, as it always has been, would Mr Bush's plan automatically ensure that national saving would rise.
Each dollar of that unified surplus can be used only once -- for cutting taxes, increasing spending, or buying down the debt.
And they remain, for now, only a fraction of the trade surplus.
Estonia also is the only Eurozone nation to run a budget surplus.
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He returns the others to his colleague to show that he has taken only the correct number, and the surplus envelopes are destroyed without being opened.
The recent fall in private saving has been only partly offset by the government's budget surplus.
Jack is the only budget director in history to preside over a budget surplus for three consecutive years.
Yet only about half of the capital inflow from the trade surplus was accounted for by debt service and other payments.
Going forward, we believe the market will be in surplus in 2013, partly because we see only very modestly higher global GDP growth next year.
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And as the only OMB director in history to preside over a budget surplus for three consecutive years, Jack Lew knows a thing or two about making government work.
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Despite the company's push to convince large retailers and computer makers to sell their surplus on Ebay, that business remains at only about 4% of Ebay's sales, the same as a year ago.
Consider the late 1990s, the only period in my lifetime the federal government has run a surplus.
China's trade surplus and foreign direct investment (FDI) explain only 30% of this.
But the country was running a budget surplus before that, and a continuing tight fiscal policy has not only not caused a Keynesian disaster, but has accompanied a strong rebound.
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"My opponent believes the surplus belongs to the government, " Bush said in one of his only references to his Democratic rival, Vice President Al Gore.
Since 1980 the budget was only balanced once during the Clinton Administration (on January 1, 2001 there was a budget surplus) which required raising taxes.
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The mood only began to change once the crisis hit Spain, a country that had previously had a budget surplus, low debt and an admired banking regulator.
One only has to consider the UK case in the 1983-87 period, when the public finances moved into surplus whilst the economy enjoyed an extended period of above trend economic growth.
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The government won a vote on the first reading of the civil-service bill in June, but only by one vote, and that after holding back a clause that would have let state governors and mayors sack surplus workers.
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