Let a bad economic situation fester too long, and eventually there are no good policy choices. That was a favorite saying of the late Arthur Burns when he piloted the Federal Reserve Board through the inflation-ridden 1970s, and it applies with equal force to the dilemmas facing Government policymakers in the wake of the stock market's Crash of '87. A babble of conflicting voices warns of peril in almost any course the economic managers might take to reduce the budget and trade deficits and force the country to live within its means. And those warnings cannot be lightly dismissed. There are...
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