The Bush Budget Edition (a real sad sack of shit):
Andrew Samwick of VoxBaby has a wrapup of the budget commentary. Also here.
Brad DeLong has a typically insightful post, notice this portion:
"The headline deficit number ought to be $738 billion--we have a $331 billion Social Security surplus for 2009, and an honest and honorable administration would be using that surplus to pay down the government debt in order to get ready for the challenges that our aging population will pose for the federal budget over the next two generations. The headline number shouldn't be 2.7% of GDP; it should be 4.8% of GDP."
This unfortunately has always been the case and the press is none the wiser. Every year the press reports the General Fund Deficit number instead of the Unified Deficit, and every year politicians raid the Social Security trust fund, put bonds in its place that will have to be redeemed by an increase in income taxes or payroll taxes, thus you will be paying twice for the same benefits. But wait, social security doesn't need to be fixed.
Stan Collender's blog is seemingly dedicated to the budget these days so just go over there.