A smart politician/bureaucrat can spend and waste money for years and leave the bill to the next guy – who usually pays the least amount possible so that he can spend and waste and then pass on the bill.
Of course, as the state budget crises have shows us (see California in particular) having a requirement for a annually balanced budget may not be a good solution – when the economy is bad tends to be when people need government services the most – and when governments tend to take in the least tax revenue
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