Remember when spending and debt mattered?
Print this article I first became a Wall Street correspondent 34 years ago, after Black Monday, Oct. 19, 1987. An element in that day’s panic was an undertow of concern about ballooning public spending. A debt clock loomed over Times Square, alarming passersby, its flickering red line of figures looking like what it was, a danger signal. I recall people’s eyes standing on stalks at the “telephone number” string of digits showing what we collectively owed. Public debt back then had reached $3 trillion. Today, it’s $28 trillion, seven times as much. Yet although our fiscal condition ...