Article: Taming the populist impulse.(Column)

AS IT WAS DURING the 1980s Reagan boom, the American economy is the envy of the world. The forecasts are rosy; the Dow-Jones Average is breaking records; inflation is a mere two percent; and the budget deficit is diminishing at a rate few economists had predicted. With tax revenues pouring in, the Democratic president and the Republican Congress appear to have found common ground on a five-year budget and tax agreement despite the annoying contentiousness and pettiness of both sides.

The times are good, and perhaps even a bit boring. This condition spoils the fun for those who think democratic politics always should give the public a good fight over important ...

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