British Prime Minister Tony Blair has led a charmed life since his accession to power May 1, 1997. He won re-election last year easily, has presided over an economy that, while it slowed in 2001, still posted the best performance in the G7 top world economies, and, by being an unexpectedly staunch U.S. ally, has […]

If you believe the media, the Japanese economy is in terminal decline. The government is engaged in pump-priming exercises, the yen is sinking, the banks’ loan portfolios are a black hole, and there is a terrible risk of — gasp! — deflation. Fear stalks the land.

The big story in Monday’s U.S. proposed budget for 2003 is the huge — $188.4 billion, or 10.2 percent — increase in government spending between fiscal year 2001 (which ended last September 30) and fiscal 2002.