Word: surpluses
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...plan's takeoff may be delayed in Congress. Some lawmakers believe that the FAA should first spend the $7.6 billion surplus already set aside in a fund for aviation improvements. Meanwhile, strain on the system keeps growing. By 2001, the FAA predicts, annual air-passenger traffic will increase an additional...
Another source of concern among the Japanese is the increasing tension in negotiations aimed at closing the trade imbalance between the U.S. and Japan. While Tokyo's global merchandise trade surplus shrank from a peak of $96.4 billion in 1987 to $77.1 billion in 1989, much of that decline came from increased trade with European and Asian countries. Despite Japan's increasing imports of American products, the U.S. trade deficit with Japan has remained largely unchanged, stuck at the current level, around $50 billion...
...needed right now. Until 1983, Social Security was run on a pay-as-you-go basis, with payroll taxes bringing in roughly the same amount that was disbursed as benefits. But that year a bipartisan commission -- on which Moynihan played a key role -- designed a scheme to build a surplus that could swell to $4 trillion by 2010. The money would come from a series of increases in Social Security contributions, which began to phase in six years ago, and from taxing the benefits of higher-income retirees...
...smaller generation that will follow the baby boomers with huge tax increases or a mountain of new debt. But the intentions of the reform plan were thwarted by the explosive growth of the deficit. Instead of accumulating a stash of savings, the Government has borrowed each year the surplus to pay for the normal operations of the U.S. Government, with no plan for repaying the loans. "It is like an individual having a private pension fund consisting of his own IOUs," writes economist Paul Craig Roberts, a Treasury official during the Reagan Administration...
...most drastic approach comes from Congressman John Porter, an Illinois Republican. He suggests that the Federal Government each year refund the Social Security surplus into Individual Social Security Retirement Accounts. Every worker could direct his account, like an IRA, into an array of nonspeculative investments, including Government bonds or certain mutual funds. The result, says Porter, would be a system of "vested, fully funded, worker-owned retirement accounts" -- though one in which the more successful investors would reap the larger benefits...