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 tomorrowand the day after that. Central question before the debaters: Does the Administration's fight for a balanced budgetwith its stand against chronic price up-creephelp 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....