There is an enormous concern today about the Federal budget, and almost all of it begins and ends with the deficit as the problem. But as eminent economist Herbert Stein argues in Governing the $5 Trillion Economy, the solutions most often proposed are escapist. Freezes, across-the-board cuts, or constitutional amendents all fail to take into account the real needs of the nation and, worse yet, focus too narrowly on the Federal budget.
Stein contends...