The Only Way Out Of The Budget TrapPaul Craig Roberts
Clear your head of any illusion that President Clinton's budget plan is going to stem the flow of red ink. The business leaders and politicians who are prattling on about how Clinton's plan is going to lower interest rates and free up funds for investment are apparently unaware that the plan itself says it would add $916 billion to the national debt over the next four years. That's $183 billion more than the cumulative deficit of Reagan's first term and $238 billion more than his second term. Moreover, Reagan cut tax rates and built up defense. In contrast, Clinton is raising taxes, cutting defense, and still adding the equivalent of 5 1/2 years of Reagan deficits to the economy in only four years.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Smartphones Are Killing Americans, But Nobody’s Counting
- Why a Pub in the Middle of Nowhere Was Named the World’s Best Restaurant
- Turns Out It Will Be Congress's Fault When Stocks Crash
- Facebook and Google Helped Anti-Refugee Campaign in Swing States
- Ford to Take $267 Million Hit From Recall of F-Series Trucks