Just published: America’s Fiscal Constitution: Its Triumph and Collapse by Bill White.
“Conservatives once fought to restrain the growth of government by insisting that new programs be paid for with taxation, while progressives sought to preserve opportunities for people on the way up by balancing budgets. Virtually all mainstream politicians recognized that excessive debt could jeopardize private investment and national independence. Today, however, no mainstream elected federal official in either party proposes to balance the budget during his or her constitutional term in office – even with national income at an all-time high.”
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