Abstract

Editorials

This article presents several socio-political developments in the U.S. and at international level, as of August 25, 1997. The "balance budget agreement" between U.S. President Bill Clinton and U.S. House Speaker Newt Gingrich, is not about balancing the budget. Economic growth and tax hikes in 1993 have brought the budget into essential balance. This year's deficit-now estimated at about $40 billion to $50 billion is below the level of investment spending that should be financed over time. The agreement increases next year's deficit. Another development focuses on the political corruption in the U.S. The China Connection hysteria, with its strong racist, overtones, ran into trouble when the Democrats were able to place Haley Barbour soliciting funds on an offshore yacht in Hong Kong.