I started this piece in October 2008 and finished it in November after a substantial rewrite. It was scheduled to be in the Winter 2009 print edition, but the editorial board lost me in the shuffle. In any case, here it is.
Analysis of the Debt of the United States Federal Government, Fiscal Years 1977-2007
My inclination is to post (on this blog) a formal follow-up discussing what's changed since November. If there isn't a formal follow-up, I'll certainly be discussing some of the issues discussed in the paper in separately chunks.