Word: spender
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Keynes' argument was that when private citizens and businesses panicked and hoarded money, the only way to prevent depression was for government to become the spender of last resort. It's certainly acting like that now--the U.S. federal budget deficit may top $1 trillion in the current fiscal year, and everybody in Washington seems to be looking for ways to make it bigger. Federal Reserve Chairman Ben Bernanke backs more fiscal stimulus, and President Bush is on board too. Democratic congressional leaders are thrilled by the prospect. Even the Concord Coalition, founded to battle the big deficits...
...from the couch for another beer, you were certain to miss a key play or substitution. A new poll in California, for instance, that showed Romney pulling ahead. Or another press conference in which McCain called out his chief rival as a big spender without backbone. Or the stump speech at Georgia Tech, where Romney told everyone that McCain would collapse the "house that Reagan built." Or a supporter, like former Pennsylvania Sen. Rick Santorum, who blurted out at a Nashville pancake place that Republican "bigwigs" were "lining up like lemmings" behind McCain. Or another endorsement. Or another television...
...Like McCain, Mitt Romney is a prodigious spender of campaign cash. Unlike McCain, Romney can dip into a huge personal fortune to supplement his fund-raising - and has done so. The former Massachusetts Governor is also the only Republican candidate in the top tier whose poll numbers have been inching upward since the beginning of the year. This is especially true in the lead-off states of Iowa and New Hampshire, where he currently tops the field, a fact that causes some strategists to declare Romney the race's "real front-runner." It is not an unreasonable claim...
Forward to 2007. "Now the world is booming, credit demand in Asia is rising, and you don't need the U.S. consumer to be the spender of last resort," says Robert J. Barbera, chief economist at the brokerage firm ITG. The world economy is in its fifth year of nearly 5% growth. But the U.S. is no longer leading. Foreign financial markets are booming and pulling in money. Rising commodity prices are complicating the Fed's inflation-fighting job. As a result, the U.S. consumer can no longer count on a steady flow of low-interest debt...
...rise of the silver spender is not confined to the U.K., of course. The trend is the same across Europe and beyond. Within five years, about one-third of the U.S. population will be older than 50, and consumers in that age bracket currently own 65% of the net worth of all households. But as a commercial company entirely focused on aging consumers, Saga remains unique. The U.S.'s AARP, for example, also sells products and has a magazine, but it's a nonprofit group more interested in public policy and political lobbying. So as businesses look for opportunities...