The Federal Deficit

Everyone knows how to stop the Niagara of red ink, but most politicians lack the courage to do it, including Bush, Clinton and Perot

Once upon a time, there was a country that had almost everything. Businesses in this blessed land often made so much money that they could afford to pay robber-baron wages to mere managers. The medical system offered first-class care to most citizens while turning physicians into millionaires. The Social Security fund distributed inflation-indexed payments to the elderly, regardless of need. No new weapon was too costly for the military. The civilian space program, in spite of some setbacks, was dazzling. The farms produced more food than the people could possibly consume. Best of all, these and many other benefits were provided...

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!