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...addition to the national debt increases the Government's future annual interest costs, even if the interest rates remain unchanged. A $200 billion increase in the national debt raises the Government's annual interest cost by some $20 billion a year. That makes the one-year increase in the Government's annual interest bill more than the entire cost of the food-stamp program. The interest that the Government pays on the national debt has soared from less than $130 per person in 1960 to more than $500 per person this year, and is heading to an annual total...

Author: /time Magazine | Title: Essay: How to Get the Deficit Under $100 Billion | 2/4/1985 | See Source »

...Budget Committee Chairman Pete Domenici, the chairmen of the other 14 major Senate committees and the rest of the Senate G.O.P. leadership. After two hours they adjourned, having sketched out just the bare-bones outline of a plan. The centerpiece of their proposal, Dole announced, would probably be a one-year across-the-board budget freeze at fiscal-1985 levels on almost all Government spending, including defense funding and entitlement programs like Social Security. The only exemption would be means-tested programs for the poor, such as food stamps and disability benefits...

Author: /time Magazine | Title: The Impact, in Dollars and Cents | 1/21/1985 | See Source »

...report, TIME subsequently published a denial from a Begin aide. The magazine noted that it "was apparently misled" about a Begin medical exam and "regrets the error." Duncan stressed that if he had thought Halevy himself had misled TIME, he would have fired him. Duncan did put Halevy on one-year probation, but in court he also praised Halevy for his "good, expert and reliable" reporting on numerous major stories...

Author: /time Magazine | Title: Press: Resting Their Cases | 12/31/1984 | See Source »

...their dependents, who belong to the Government's military and civil service pension plans. Likewise, the 21.5 million recipients of food stamps, as well as smaller benefit programs like aid to black-lung sufferers, would lose their protection against inflation for a year. The saving generated by this one-year "pause" in COLA growth compounded through 1988 would total $13.2 billion...

Author: /time Magazine | Title: Cutting to the Quick | 12/17/1984 | See Source »

Almost as soon as the strike began on Monday, the beleaguered board agreed to one union demand, promising to restore a 25% cut in medical insurance enacted just three months ago. The remaining issue is more contentious. Chicago teachers, now the fourth best paid in the U.S., have asked for a 10% increase, which would bring the average teacher's salary to nearly $29,000. The board is contemplating a one-year, onetime 10% cash bonus instead...

Author: /time Magazine | Title: The City That No Longer Works | 12/17/1984 | See Source »

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