THE RETURN OF ROSS PEROT HAS BROUGHT THE FEDERAL budget deficit, like an unwelcome guest, back to the center of national debate. Perot, whatever his defects, has offered a credible plan for balancing the budget over five years. The general reaction from the economic graybeards has been: fine idea, but now's not the time. To slam on the fiscal brakes in the midst of a recession, or a shaky recovery, or whatever the heck we're in, would be suicidal. Partisans of the other two candidates have grasped this argument as a defense of their considerably more modest deficit-reduction proposals.
Well, as...
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