putting more money in Americans' hands, deficits increase the de- mand for goods and services and stimulate the economy. Too little stimulation can mean recession; too much, inflation. But in times of high inflation and interest rates, the stimulus that Washington pro- vides with one hand, it can take away with the other. And the authors believe that inflation and high interest rates since 1976 have eaten away the national debt-in effect, taking the money right out of gov- ernment bondholders' pockets-faster...