A Growing Mood of Dismay

As Congress fails to dent the deficit, inflation and interest rates climb

When Congressmen meet their constituents at Fourth of July picnics and barbecues this weekend, one thing that they can count on is being confronted with the following angry question: What in the world has gone wrong with Reaganomics? From the moment that President Ronald Reagan first proposed his fiscal 1982 budget 148 days ago, the mesmerizing specter of gargantuan federal deficits has haunted an already skittish U.S. economy. As the red ink has swelled, growth has sagged further and further, interest rates...

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