Word: part
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Dates: during 1990-1999
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Beyond 2000, the big questions for mankind will not be what to do about garbage, cholesterol and aging. These are "American" and "First World" concerns. The great part of mankind living in underdeveloped areas will still be facing the old problems of hunger, malnutrition, illiteracy and the growing burden of foreign debt. In the last analysis, modern man cannot escape the perennial moral questions of his own existence. Man is tending toward nihilism. In the next millennium, the search for transcendence will be more crucial for man's life than is the search for the key to longevity...
...Security surplus. That was before the 1997 budget deal that began winding down the deficit, however. Now the payoff is here. In the fiscal year just ended, Uncle Sam rolled up a $123 billion surplus, by far the biggest in the nation's history. Even the non-Social Security part of the government about broke even. Suddenly, Capitol Hill is expecting to be awash in cash...
...Social Security, it is still borrowing heavily from trust funds for Medicare, pensions for military and civilian government employees, highway building and other things. Without those nonpublic borrowings, he contended, the government ran a deficit of $127.8 billion last fiscal year, and the debt, including amounts owed by one part of the government to another, is still rising from $5.6 trillion. Other board members conceded that Hollings' numbers were correct but strongly quarreled with his interpretations. Kasich, Munnell and Secretary of the Treasury Lawrence Summers all insisted that internal-transfer payments do not burden the government as a whole...
Which introduced one of the revolutionary 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...
...should never forget how much of this state was settled by immigrants from the north," he observed in his airy office across the street from the state 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...