A fantastic opportunity

Nation's Business, March, 1998 by Mary Y. McElveen

I've worked in Washington for more than 15 years and never thought I'd see the Capitol Hill debate that is about to unfold. I thought the struggle to get Congress to balance the federal budget would be a lifelong endeavor for responsible-minded citizens well into the next century What a different and exciting outlook this nation faces now that a balanced budget is at hand!

Congress and the president have a marvelous opportunity as the result of a projected federal surplus to begin to address problems that I earlier had come to believe the next generation was doomed to inherit. They include a tax burden that as a percentage of the gross domestic product is at its highest level since World War II, a $5.5 trillion national debt, Medicare and Social Security systems headed for insolvency, and a crumbling transportation infrastructure.

To help readers understand the context for the forthcoming debate, we prepared our cover story, which begins on Page 12. It outlines the most likely possibilities for using the surplus and different points of view on each.

Every business person should take an interest in this debate because the outcome will surely help shape the nation's future. Our cover story can be a helpful starting point for understanding the decisions that lie ahead.

With the economy still expanding and many consumers having more money than time to spend, entrepreneurs -- including golf-course owner David Wolkoff, in the photo above -- are expanding their hours of operation to boost sales and increase efficiency. Their strategy is working. See "A Wake-up Call For Companies," starting on Page 63. And be sure to see the many other articles in this issue that include tips for improving your business.