August 1987Volume 37, 1987
AUGUST 01, 1987
AUGUST 01, 1987 by HANS SENNHOLZ
he federal government has but two ways to balance its budget: raise taxes or reduce expenditures. The former is easy; anyone can contrive new levies. But new taxes may bring forth the wrath of those who are to bear them, which may spell political defeat to the legislators who impose them. A reduction in expenditures may be equally dangerous. To slash popular entitlements and transfer benefits may amount to political suicide.