Word: budgeting
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Dates: during 1990-1999
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...high as he could for as long as he could -- with considerable success. Wherever credit is due, the Clinton administration has presided over the greatest economic expansion in U.S. history; a 200 percent rise in the stock market; record lows in both unemployment and inflation; and a balanced budget. And don't forget about keeping the worst global economic crisis since the '30s in check and away from U.S. shores. Asked a while back to explain the miracle, the meticulous Rubin put it this way: "It's some things we've done, some things other people have done, what...
...went with it, started on Bentsen's watch. But in 1993, it was Goldman Sachs veteran Rubin (with an assist from Greenspan) who persuaded President Clinton that his dreams of a prosperous American middle class had to be kick-started by balancing the federal government's then blood-red budget books. A credible deficit reduction plan would please the bond market, the former arbitrageur argued, and that would translate into lower long-term interest rates. That in turn would stimulate the economy, which would in turn boost tax revenues, which would in turn make deficit reduction a reality...
...could always use more money for affordable housing," Toomey said, while cautioning that there are many other big-ticket budget items this year...
...estimate is that under present tax and benefit schedules, the Social Security system would plunge $6.9 trillion into debt between 2014 and 2034. If that is accurate, Clinton's 1999 budget proposals, which are supposed to pump $2.7 trillion into Social Security during the next 15 years, would close less than half the initial gap. Further reforms would be needed to keep revenues in balance with payouts after 2034. Also, the present system contains some glaring inequities that ought to be corrected--at the cost of making the fiscal gap even wider. No one proposal will probably come near...
...those with outside income of $185,000 or more would receive only 15% of the Social Security pension that they would qualify for without such a means test. Again, correct principle, but too drastic. Pensions should be reduced only for those earning $50,000 or more. The budget-balancing Concord Coalition estimates that this move would save the government $20 billion a year...