Articles by Iwan Morgan
Iwan Morgan is the author of The Age of Deficits: Presidents and unbalanced Budgets from Jimmy Carter to George W. Bush, which is published this month by the University Press of Kansas.
In remarks to a health reform forum in March, Barack Obama acknowledged, ‘The greatest threat to America’s fiscal health … is the skyrocketing cost of health care.’ How he deals with this danger will arguably be as important for the historical reputation of his presidency as his foreign policy initiatives to safeguard national security.
During a White House meeting in early 1984, Ronald Reagan shocked economic adviser Martin Feldman in insisting that no tax increase in US history had raised revenue. The eminent Harvard economist penned him a memo proving that every increase in tax rates from 1917 to 1969 had actually done so.
The dangers of a foreign retreat from Treasury securities are slight in the short-term but increase over time as the public debt continues to grow. Americans would do well to realize that things which cannot go on forever tend not to.
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