Word: trillion
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...creation of an independent commission to monitor future increases. Greenspan, who has long pushed for an adjustment to the CPI, told Senators he fully agreed with a December report that the index was overestimating inflation by 1.1 percentage points annually, an error that will cost the government $1 trillion over the next 12 years in cost-of-living increases and lost tax revenue. "Greenspan has been pushing for an adjustment to the CPI for years," notes TIME's Bernard Baumohl. "What's new in his call for yet another commission to study the matter is that this would...
These days Huizenga operates as chairman of a company called Republic Industries. (He sold Blockbuster to Viacom for $8.4 billion in September 1994.) And his latest scheme promises to rock the very core of the car world, which is worth $1 trillion when viewed as a series of transactions that includes new- and used-car sales, service, accessories and financing. Car businesses compose one-seventh of the economy...
They'll study ways to keep Medicare afloat and the budget solvent, to address senators and the president and to navigate between the House cloak room and the Capitol Hill subway--all in the hopes of better governing a nation of 250 million citizens and better-spending $1.7 trillion in federal taxes annually...
...seized from grocery shelves because they were labeled "fresh" but made from concentrate. This was a bold, some said outrageous, move; the difference between fresh and concentrated orange juice is not life-threatening, so why the strong-arm tactics? But everyone involved in the manufacture of the annual $1 trillion worth of products subject to FDA approval got the message: the watchdog had new teeth...
...that would mean the adjustment in the average monthly Social Security benefit of $698 would be $13.96 instead of $20.94, a loss of about $7. That hardly seems harsh, but it adds up. That fix, along with companion reductions in other programs tied to the CPI, "would save $1 trillion over the next 12 years," says Moynihan. And that, he adds, "would be enough to cut the debt significantly or to spend on those programs we now cut because the first question these days is never 'What should we do because it's right?' but rather 'How much will...