OKIAHOMA

lT MICHT be easy in these daYs of Ieconcomic recovery, increasing sales volume and escalating personal income to adopt a "What, me worrY?" attitude toward our economic future' We have all breathed a collective sigh of relief this past year at our surprisingly strong recovery. Economic forecasters tell us that while the boom may be slowing down, the expansion will continue.

However, I have the nagging feeling that major obstacles remain to be solved. I'm reminded of a sign that once hung in an Oklahoma lumber yard. It read, "Twixt the optimist and the pessimist, the difierence is quite droll: the optimist sees the doughnut, and the pessimist sees the hole." While many Americans are rightfully appreciative of our thickening doughnut, many of us can't help but notice the widening hole. The "hole," of course, is in the form of the Federal budget deficit.

I traveled to many Arkansas and Oklahoma cities and towns during the past few months, and I talked with a wide varietv of people. Whether they were lumber dealers worried over the availability of credit and interest rates or business people charting their firm's future, their singular message was loud and clear: Congress must bring down the deficit! Balance Uncle Sam's checkbook!

Most of the dealers I talked to have weathered the troubling business cycles of recent decades. Some can even remember in vivid detail the vagaries of the Great Depression. But all of them seek the same thing. They would like for the industry to enjoy a period of economic stability, the kind of stability in which a family or business can confidently plan for the future.

The lack of stability-as we've come to learn in recent years-takes a heavy toll on the plans and aspirations of millions of Americans. Because of that, I believe that the greatest service the government can provide for all citizens is a revitalized economy achieved through reduced deficit spending.

There has been some good news on this front. Our expanding economy has partly slowed the escalation of budget deficits. In addition, Congress this year passed a loop-hole-closing, revenue-raising package as part of its "downpayment" on deficit reduction.

The bad news is that despite this slight improvement in the immediate picture, the national debt is steadily increasing. That means government will continue to take larger bites out of the credit pie, leaving a diminished wedge for the private sector and individuals. The spiral advances to higher levels as we use more and more of our revenue to make higher interest payments on the national debt.

It's far easier to state the problem than to devise a solution, at least a solution that everyone can agree to. One popular proposal is a "Balanced Budget Amendment" to the Constitution. I don't believe that mere words-even if attached to a sacred document-can provide the courage national leaders need to find a solution. Furthermore, even if Congress adopts such an amendment, Congress could skirt its intent.

Next month we'll explore these different strategies.