THE ECONOMY:
Two Deficits That Just Don't Matter*

By Charles Wolf Jr. and Walter B. Wriston

Day in and day out, politicians and the press harp on the trade deficit and the federal deficit. Hoover fellow Charles Wolf Jr. and former Citicorp chairman Walter Wriston explain why they should save their breath.

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Charles Wolf Jr. is a senior research fellow at the Hoover Institution. He is also a senior economic adviser and corporate fellow in international economics at the RAND Corporation.