Anybody who calls for hold-downs in Social Security benefits, Medicare, food stamps and other social programs would seem to be as charitable as Simon Legree. But even Keynesians tend to agree that Martin Feldstein is the standout economist of his generation, though they dissent strongly from some of his starboard views. By vote of his peers two years ago, he won the John Bates Clark Award, given biennially to the nation's most distinguished economist under 40. Earlier recipients include Nobel Laureates Milton Friedman, Paul Samuelson and Kenneth Arrow.
Feldstein is also the president of the National Bureau of Economic Research, a job...
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