Editorial Board

Home-Loan Subsidy Leaves U.S. Exposed to Fiscal Storms

To understand the fiscal storm bearing down on the U.S., consider this: Federal spending now accounts for 23 percent of the economy, the highest level since the 1940s, while tax revenue stands at 15 percent, the lowest level since the 1950s. Anyone who can balance a checkbook understands the ramifications of that asymmetry.

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