THE FAIR DEAL: No Planning

Why is the U.S. running a deficit of $5.5 billion a year? Last week, glib Leon Keyserling, chairman of the President's Council of Economic Advisers, gave his answer. The Administration's policy of spending more than it earns is no accident, said Keyserling. The Administration planned it that way in order to stave off a recession which "might have turned into something . . . serious."

Nobody, apparently, was more surprised by such talk than Treasury Secretary John W. Snyder, who has the worrisome job of managing the $257 billion national debt. After thinking about it for...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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