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24
Mar
It’s easier to explain how the US got into its fiscal difficulties than how it will get out of them.
In 1990, US public debt stood at 43 percent of gross national product (GNP). The economy was growing only slowly, the unemployment rate exceeded 5 percent, and the Congressional Budget Office forecast that deficits would fall over the following five years, from 4.0 percent to 1.8 percent of GNP.
And yet President George H.W. Bush was so concerned about mounting national...