The Myth Of A Balanced Federal Budget

The Myth of a Balanced Federal BudgetTom Bailey's Income before taxes in 1955 was $7500 per year. Only recently married, he owed $10,000 on his house, $1500 on his automobile and had other debts---for furniture, home appliances and so on---totaling more than $3000. Yet no one---least of all Tom Bailey and his wife---considered him insolvent.Today Tom's income has risen to $28,000 annually. He and his wife now have three children---and, as could be expected, a much larger and finer house, two car...