Volume 41, Number 7 · April 7, 1994
Entitlement Reform: The Way to Eliminate the Deficit
By Peter G. Peterson
It is understandable that many Americans are coming to the conclusion that the problems of the federal government's deficit have at last been laid to rest. After all, the President's budget package enacted last fall made a much publicized 'down payment' on eliminating the deficit; and Clinton's insistence in his fiscal year 1995 budget proposal on maintaining the cuts he earlier promised suggests a clear departure from the complacency of the last twelve years. The near-term projections are encouraging: it is possible that for the first time in half a century the annual federal deficit may shrink (in dollars) for four consecutive years. With the economy improving, and with health-care reform now attracting far more attention than fiscal policy, we are losing our sense of urgency about the need to stop the ongoing growth in our national debt.[1]
Feature, 8955 words
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