Word: trillion
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...trillion-dollar question: What kind of defense...
...target with its main point, however. While not opposing President Ronald Reagan's plan for a $1.3 trillion military buildup over the next five years, it emphasized that money alone will not ensure a strong defense, and called for a national debate on just what the dollars should be used to buy. The Pentagon huffed that "the series turned out to be an editorial rather than a documentary." Even so, Pentagon Spokesman Henry Catto Jr. applauded CBS "for its seriousness of purpose...
...ready to do business. Some of the most successful repositories of this stateless money are the offshore branches of major U.S. banks in such out-of-the-way places as Bahrain in the Persian Gulf, the Bahamas and the Cayman Islands in the Caribbean. In all, more than $1 trillion is held by banks and borrowers outside the U.S. in offshore banking bases set up by American and foreign banks...
...knows how much it would cost to modernize the entire infrastructure of the U.S. economy. Pat Choate, co-author of the America in Ruins study, estimates that the task could take as much as $3 trillion, roughly the amount of the annual gross national product at present. Amitai Etzioni, director of the Center for Policy Research, believes that more than $400 billion should be invested over the next decade on railroads, highways and bridges. The total value of all government-sponsored construction on those projects last year was $23.4 billion...
...biggest question of all in the economy remains the consumer, whose purchases make up some two-thirds of the nearly $3 trillion G.N.P. Last spring consumers slammed shut their wallets, and the economy went into a dizzying free fall, tumbling at an annual rate of 9.9% in the second quarter. Will consumers spend money this spring, or will they decide to keep those wallets closed? There are a few disquieting signs. In California, where the housing market has been booming since the 1973-75 recession, real estate agents report that sales are slowing. Says Los Angeles' Fred Sands...