My article in the November/December 1985 issue of this Review explained how implementing the August 1985 Congressional Budget Resolution would have virtually eliminated the deficit in real (or inflation-adjusted) terms in the next few years. In December, the Gramm-Rudman-Hollings (GRH)...

Federal budget deficits continue to dominate discussions of the short-term economic future of the United States. This article by William G. Dewald stands in stark contrast to the aura of pessimism that pervades most such discussions.Dewald's optimism derives from the inflation adjustment factors...