National Affairs: BATTLE BEHIND THE BUDGET BATTLE

Is Red Ink a Tonic or a Poison?

Behind Washington's Battle of the Budget is a battle of economic theories. Its outcome may be more important than the outcome of Capitol Hill's political give-and-take over spending, for the theories of today are the policies of tomorrow—and the day after that. Central question before the debaters: Does the Administration's fight for a balanced budget—with its stand against chronic price up-creep—help or hinder economic growth?

THE most critical economic problem facing the U.S. is the failure to achieve the necessary economic growth," declares the A.F.L.-C.I.O....

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!