Word: debts
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Dates: during 1990-1999
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...people feel so poor that they would cut consumer spending sharply. Weinberg, meanwhile, sees a silver lining in market volatility. It may dissuade "Gladys and Gary in Indiana" from borrowing from their mutual fund or ira to buy a car or house. That might help keep consumer spending and debt from climbing at inflationary speed...
...have dramatically understated the total debt. The total amount of federal debt which we say we are leaving your generation is $5.4 trillion, but that in no way represents the costs of government services which my generation enjoyed but leave to your generation...
...generation lived in the afterglow of the New Deal. We misread Keynes and thought that borrowing, because it worked in the thirties and forties, could continue forever. Debt is economic cocaine; it is very hard to stop borrowing once you started. Please understand, I would have been voted out of office if I would have raised taxes or cut spending, so I borrowed your future earnings. It was the perfect fraud...
There is a whole category of "costs of the future" called "Unfunded Liabilities" which I argue make the real federal debt that you will have to pay off for services enjoyed by my generation far closer to $14-$17 trillion. Military retirement, federal civil service retirement and Social Security payments are all owed for which no (or inadequate) money has been set aside. There is a whole category of governmental services which we enjoyed but left you the bill to pay. Cheating as well as lying...
Richard Lamm, the former Governor of Colorado, is a fellow this semester at the Institute of Politics. Year Debt GDP 1981 $1 Trillion $3 Trillion 1986 $2 Trillion $4 Trillion 1992 $4 Trillion $6 Trillion 1997 $5.4 Trillion $7 Trillion