Word: trillion
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...debate has bread-and-butter implications for everyone. In a $7 trillion economy, what seems to be tiny differences in percentages is in fact enormous. "Adding just half a percentage point to the growth rate over the next eight years would generate approximately 400,000 jobs per year, boost real wages by $7,000 per family and add around $200 billion [in tax collections] to the U.S. Treasury," says Jerry Jasinowski, president of the National Association of Manufacturers. The N.A.M. urges a national target of 3% growth year after year, vs. the 2.5% projected by the Clinton Administration...
...boom may signal trouble ahead for the U.S. economy. Real after-tax income growth has been slow for years, yet consumers have continued to buy; they have simply substituted debt for cash. Now they are even flashing plastic to buy groceries. Household borrowing currently stands at a record $1.14 trillion, an amount equal to Britain's entire gross domestic product. A spike in interest rates could thus send U.S. consumers--not to mention the rest of the economy--into a funk...
Then, in 1992, Ralph bought into the theories of a scam artist named Roy Schwasinger. Schwasinger was founder of a group called We the People, which claimed that the Federal Government had lost a huge class-action lawsuit on behalf of America's landowners, and that a trillion dollars was sitting in a settlement account. For $300, We the People sold a kit with instructions for claiming part of the settlement--and for issuing one's own "checks" against this windfall in the interim. (Schwasinger is now in prison...
...shoulder during a shoot-out near Soweto, as well as a profound sense of the gap between how democracy is viewed in a country that is enchanted by its promise and one that is disgusted by its processes. "Part of the reason we've built up a $5 trillion deficit over the past 15 years is that we don't trust our politicians," he says. "Therefore, our politicians don't have the political freedom to make hard choices or demand sacrifices of us. And the reason is we have awful campaigns that bring out the worst in everyone...
...enacted with little fanfare a 60 cent gas tax to help rebuild the East. In 1993 Americans found 4 cents on top of $1.20-per-gal. gas almost too much to bear, even while we bequeath our children dirtier air, the continued risk of war over oil and a trillion dollars in fresh debt every four years. Now Dole's trying to get that nickel back for us. He ought to know better...