Foreign News: Toward Stagnation?

The economic clouds just overhead had parted, but those on Britain's horizon were as threatening as ever. Last week the London Economist had some cogent points to make about taxation and the future of the welfare state.

The Economist places the present price of government (including social services) at 40% of the total of all income, personal and corporate, in the nation. (This compares with about 25% in the U.S.) The Economist believes this proportion is likely to rise because:1) defense spending is going up, 2) established social service programs call for expansion and 3) new governmental services may be established.

Says the...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!