Fiscal irresponsibility at the heart of US budget forecasts

Suppose a father one day adds up how much he expects in bonuses over the next 10 years, and blows it all on a big family vacation the first year. Then his job goes sour and the family is in serious debt. Nevertheless, a year later Dad buys the family an around-the-world-cruise. When Mum asks why he's making the same mistake all over again, he tells her not to worry. Now that he has learned how uncertain long-term projections can be, Dad says he is working on a five-year budget, and since the cruise company will let him pay back most of the cost after the sixth year, the family is still in...