Word: spendthriftness
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...every analyst is convinced that a $4,000 or $5,000 rebate would convince suddenly spendthrift U.S. consumers to buy a new car - especially the sort of customers who would own a clunker in the first place. "Either this program won't make them buy, or they're just poor," says Wolkonowicz. But a cash-for-clunkers deal with tough enough fuel standards would at least be a way to throw Detroit another lifeline without sinking the planet - even as Washington seeds longer-term demand for more-efficient vehicles. The key, like any used car contact, is to check...
...exception, though, is Uncle Sam. Even before the financial crisis forced the government's hand, the U.S. had again become addicted to deficit spending - relying on the kindness of strangers (in this case, mainly Chinese and Japanese central bankers) to finance its spendthrift ways. In September the Congressional Budget Office's baseline deficit forecast for 2008 was $407 billion. Now, with the Treasury's massive intervention in support of banks and financial markets ($700 billion at a minimum) and with a second economic-stimulus package a political certainty, the government deficit could soar next year to $1 trillion...
...possible benefit of turmoil: the bear market of 2008 may have ended the spendthrift ways of the 80 million--strong boomer generation, which is now heading rapidly toward retirement, and refocused them on saving. "We must have a reset on consumer spending; frankly, it is out of control," says Daniel J. Houston, president of retirement investor services at Principal Financial Group in Des Moines, Iowa. The average contribution to a 401(k) plan is 7% of salary, yet the average person may need to save 13% to 15% of his salary to maintain his standard of living in retirement...
...you’re rallying behind a candidate who’s lagging in the polls, a primary race this long and costly can be extremely discouraging. Idealistic college students are especially likely to resent the attention paid to spendthrift “establishment” candidates if they’d rather see Republican grassroots candidate Ron Paul or former Senator Mike Gravel in office. But even the Dennis Kuciniches of the world have received considerably more attention than third parties’ candidates, who represent some of the most vital forces for change in American politics. Many students...
...considering Harvard’s resources and the importance of education in general, it is a problem that should be addressed aggressively, and not just here but across the entire country. In the meantime, maybe the real issue is that some people want to impose personal, moralistic ideals of spendthrift on everyone-else. And, to me, right or wrong, this hardly seems like the duty of the financial aid office. Robert G. King ’09-’10, a Crimson editorial editor, is a history concentrator in Winthrop House...