The latest economic statistics indicate that the U.S. economy is still
experiencing weak growth and generating relatively few jobs over two years after the
official start of the recovery from the 1990-91 recession. Even after the fairly strong
May 1993 employment report, payroll jobs have just barely edged past the pre-
recession peak of June 1990.2 As a remedy for this slow growth, Republican
leaders, Ross Perot, and many conservative Democrats have advanced an economic
program based on drastic deficit reduction. They have argued that deficit reduction
accomplished by spending cuts will somehow provide more stimulus than deficit
reduction brought about by tax increases.