Word: spending
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Dates: during 1980-1989
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Total costs for renovation will be about $11 million. The YMCA will have to spend $3 million to bring the residence "up to code," the vice-president said. The developer will be obligated to renovate 60,000 square feet of YMCA property free of charge, as well as their own space...
America's biggest tax incentive to spend may be the unlimited deduction on mortgage interest. This sacrosanct loophole has fulfilled the worthwhile ideal of widespread home ownership, especially for first timers, but has encouraged people to make disproportionately large investments in housing instead of putting their money into the savings pool. Most other industrial countries impose limits on the mortgage interest that can be deducted. The U.S. mortgage-deductibility provision, contends Economic Commentator Robert Kuttner, is not only antisaving, but inflationary and inequitable as well. Wrote Kuttner in his 1984 book The Economic Illusion: "The effect is to fuel ; housing...
...major incentive to spend is America's income tax structure, which does more to reward consumption than almost any other system in the world. The Government taxes savings twice: first as income, then again on the interest that the money earns in the bank. At the same time, the U.S. has historically encouraged borrowing by allowing consumers to deduct the interest they pay on installment debt. "Certainly there was no excuse for allowing this," declares Economist Rudolph Penner of the Urban Institute. That provision, which made it easier for taxpayers to rationalize running up big balances on their credit cards...
Many economists think America's affinity for spending is a deep-seated cultural instinct. Since income is often regarded as the ultimate measure of success, people want to demonstrate outwardly their earning (and borrowing) power. "This is a society that tends to judge people by the way they spend $ money. There's very little reward psychologically for being a saver," says Rick Hartnack, senior vice president at the First National Bank of Chicago...
Ogarkov, however, was no dove. The money saved by relying less on nuclear missiles he wanted to spend on advanced conventional weapons. He did not want those rubles diverted to the beleaguered Soviet consumer economy. He was finally demoted in September 1984. But the new chief of the general staff, Marshal Sergei Akhromeyev, was also a proponent of the idea that enough is enough in nuclear weaponry...