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....

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