Campaign Issues Deficits: Lunchtime Is Over

Take pity on Fiscal Chicken Little. This little chickie is getting a little hoarse. Shrieking "The sky is falling" quarter after sunny, seasonally adjusted quarter for the better part of a decade is weary work. In the sixth year of steady economic growth -- with unemployment at 5.6%, near its 14-year low, and inflation at 5.2%, modest by the standards of the early 1980s -- it is not easy to maintain the courage of your pessimism.

At least she's in good company. The shopworn notion that America has been living on credit cards, that the party has to end, that there's...

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