Part One
Social Goals and Federal Outlays

Chapter 1: The Politics of Deficit Spending

    The Federal Budget
    Ambivalent Voters
    Congressional Profligacy
    Executive Politics
    Bureaucratic Management

Chapter 2: Income by Majority Vote

    The Rationale
    Entitlements for Seniors
    Assistance to Students
    Help for the Needy
    Subsidies for Farmers
    Foreign Aid
    Aid to Others

Chapter 3: The Ethics of Entitlement

    Equitable Distribution
    Removal of Want
    Equalization of Incomes
    Unheeded Consequences
    Envy or Error

Chapter 4: Underground Government

    Going Off-Budget
    Off-Budget Local Government
    Statewide OBEs
    Underground Federal Government
    Flexibility and Innovation
    Winners and Losers
    Industrial Development Agencies

Chapter 5: Deficits Do Matter

    Private vs. Government Debt
    Measurements of Debt
    We Owe It to Ourselves
    Debts are Tax Liens
    Deficits Breed Inflation
    Balance-of-Payments Deficits
    Real Income is Falling

Chapter 6: Worse than 1929

    Then and New
    From Ease to Super Ease
    The Bubble
    Bizarre Explanations
Part II
In Search of a Solution

Chapter 7: Palliatives and Penaceas

    1. Privatizing Federal Functions
      Seven Different Meanings
      Genuine Privatization
      Sale to Favored Individuals
      Counterfeit Sales
      Private Contractors to the Rescue
      Voucher System
      Sale of Loan Portfolios
    2. A Line-Item Veto
      Continuing Resolutions
      No Balance of Power
      Conflict on Every Level
      A Shift of Power
    3. A Balanced Budget Amendment
      A Popular Movement
      Hope or Hoax
      Defective Constitution
      Raising Revenue
      Raucous Opposition
      Backdoor Spending
Chapter 8: Taxes and Tributes
    Taxpayers and Tax Consumers
    Functional Finance
    Changing the System
    To Equalize Incomes
    The Gramm-Rudman Deficit Control Act
    Another Tax Reform Act
Chapter 9: A Letter to the President
    A Noble Example
    A Splendiferous Stage
    From $6 a Day to $89,500 a Year
Chapter 10: The Coming Storm
    Deep in Debt, in Grave Danger
    End of an Era
    Rampant Inflation
    Acute Deflation
    Strict Regulation
Chapter 11: Eternal Hope
    A Moral Standard
    Breaching the Strongholds
    Social Security
    A Spending Freeze
    A New Beginning



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