Word: next
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Dates: during 1990-1999
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...pending surpluses a heaven-sent opportunity to spend more on high priorities like education while still reducing debt? Or is the money likely just to be wasted, whereas if put into the pockets of citizens through tax cuts, it would be spent productively? The President and Congress elected next year will of course not pass either plan in toto. Whatever initial deal they strike can only be a compromise that may well intensify rather than end the debate. Ah, but what a refreshingly first-class debate to have...
...everyone at the meeting agreed. Alicia Munnell, a former member of Clinton's Council of Economic Advisers, now a professor at Boston College School of Management, voiced distrust of the surplus estimate, arguing that caps on federal spending budgeted for the next three fiscal years are wildly unrealistic and will--in fact, should--be exceeded. Already the government is evading spending caps by sticking an "emergency" label on all sorts of additional outlays. That, said Munnell, "makes a mockery of the whole process." Also, she noted, revenues are getting a huge boost from soaring stock prices, which inflate capital-gains...
...implications of the surpluses that the board majority agreed really are in prospect. At TIME's meeting, Summers indicated that the $3.5 trillion public debt would be wiped out completely if all the Social Security surpluses and part of the non-Social Security surpluses projected to emerge over the next 15 years were used to pay it off. That would create a host of new challenges for economists and currency traders. What kind of security, for example, could replace the 30-year Treasury bond as the bellwether of bond trading and as a particular magnet for foreigners who accumulate dollars...
...capitol building in Lansing. Engler is not about to develop amnesia. His ambitious economic plans for Michigan depend in no small part on the intimate connections forged between his state and the bordering Canadian province of Ontario. In fact, the struggle to thrive in the globalized economy of the next century is likely to bring both jurisdictions closer together than they have ever been...
...next stop was a big supermarket in Maryland, just outside Washington. Giant Food is a chain here, kind of like PathMark in the Northeast or Winn-Dixie in the South. It had organic carrots for my gravy and organic half-and-half for my red smashed potatoes. But I couldn't find many of the other organic products I needed to be genetically pure...