Word: debtors
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Under Ronald Reagan, a conservative who had earlier inveighed against federal red ink from any soapbox he could find, the U.S. went from being the world's largest creditor nation to being the world's largest debtor. When Reagan took office, the budget deficit was about $74 billion, and the national debt (i.e., the sum of all previous deficits) was nearly $1 trillion. In three years the deficit had soared to $200 billion; and when George Bush steps down, he will leave behind a projected fiscal 1993 deficit of about $340 billion. Today interest on the debt consumes...
...very strong that the "window of vulnerability" that Reagan armed us against was as false an alarm as the missile gap in Kennedy's day and the bomber gap in Eisenhower's. Had we outspent not only our enemy but also ourselves in battle with a phantom, becoming a debtor nation to accomplish a victory without spoils...
...World War II the country's economy recovered from the Depression. In the final stages of the cold war, the U.S. became a debtor nation. A noncombatant like Japan seemed more the beneficiary of America's struggle than was the nominal victor. The hard question no one in the U.S. dared raise was whether, in bringing down the shell of the U.S.S.R., this country had been hollowing itself out economically. Many have wondered why the cold war's end has brought so little celebration. Was the U.S. victory like Muhammad Ali's over George Frazier in Manila, where the fighters...
...however, the Latin countries have been negotiating agreements under which their creditors agreed to accept smaller repayments. The countries in return enacted economic reforms, chiefly steps to control inflation and open up to foreign investment. Last week Brazil, the last major Latin and biggest Third World debtor, worked out an arrangement with 19 banks representing 300 private creditors. The lenders will choose among six different ways to ease Brazil's burden of $44 billion owed to private banks. Those electing to take smaller payments of principal or interest will get Brazilian government guarantees that they really can collect the remaining...
...world's greatest debtor, 36 million Americans have no medical insurance, and we are losing our competitive edge in the world economy. Worst of all, we have a military-dependent economy...