The Administration's Dr. Gloom

Martin Feldstein loses friends by warning about deficits

The setting last week was a session of the House Budget Committee, and the subject was deficits. Peering from behind his oversize tortoise-shell glasses, Martin Feldstein, the scholarly chairman of the Council of Economic Advisers, patiently explained once again the harmful impact on the U.S. economy of a succession of $200 billion deficits. Finally Michigan Democrat Howard Wolpe asked: "What on earth does the Treasury Secretary say to you when you lay out these arguments?" Feldstein laughingly replied: "I think you'll have to discuss the...

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