Word: trillion
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...four years of this Administration the national debt may well increase by an incredible $400 billion more. Including so-called off-budget expenditures, such as federal-loan-guarantee programs for farmers, students and small businessmen, the Administration's real credit needs by 1984 will be a towering $1.4 trillion. The question that now hangs like a shroud over Reaganomics is whether the economy can endure such huge deficits and borrowing requirements...
...arguing that they will constitute a smaller proportion of a larger economy than before. The claim is a very weak reed to lean on. During Jimmy Carter's peak deficit year of 1980, the red ink reached $59.5 billion, or 2.3% of the nation's $2.6 trillion gross national product. By contrast, the CBO's projected Reagan deficit of $109 billion for fiscal 1982 will be at least 3.6% of the G.N.P., or within .3 of a percentage point of the previous biggest deficit year in the nation's peacetime history, 1976, when Gerald Ford...
...Reagan's top aides, who strongly and unanimously urged new revenue measures. Chief of Staff James Baker and Budget Director David Stockman, and eventually the rest of the Reagan high command, were convinced that increased taxes were needed to save the Administration from increasing the nation's trillion-dollar debt by a whopping one-third during their first term. They tried to get Reagan to accept excise taxes as part of the trust fund for the transition of programs to the states. A week before his speech, Reagan agreed. But before he left for Camp David that weekend...
...rationale for the pipeline has been that the country needs Alaska's gas in order to become more energy independent. The 26 trillion cu. ft. under Alaska's North Slope are equal to 13% of U.S. proven reserves and could reduce foreign-oil imports by at least...
National security and military vigilance have an unquestionably vital importance, especially today. Taxpayers should know, however, the real cost of a $1.5 trillion defense buildup. A tradeoff exists: while fares on the MBTA have tripled in the last year, the entire MBTA budget ($60 million) equals less than the cost of three F/A-18 fighter planes (1366 are planned). In the end, political support for economic conversion does not amount to a choice of butter over guns. The question is of civilians demanding the right to participate in the decision of how many guns will replace their butter. In struggling...