I.O.U.S.A - Addison Wiggin [131]
• The CATO Institute: www.cato.org
• The Brookings Institution: www.brookings.edu
• American Enterprise Institute: www.aei.org
• Center on Budget and Policy Priorities: www.cbpp.org
• Center for Retirement Research: http://crr.bc.edu
• Choose to Save: www.choosetosave.org
• Feed the Pig: www.feedthepig.org
• Citizens Against Government Waste: www.cagw.org
• The Committee for Economic Development: www.ced.org
• US Budget Watch: www.usbudgetwatch.org
• Common Good: www.commongood.org
• The Heritage Foundation: www.heritage.org
• OMB Watch: www.ombwatch.org
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Additional
Resources
• One Horizon Foundation: www.onehorizon.org
• Peterson Institute for International Economics: www.iie.com
• Progressive Policy Institute: www.ppionline.org
• Public Agenda: www.publicagenda.org
• The Tax Policy Center: www.taxpolicycenter.org
• The Urban Institute: www.urban.org
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Index
American dream, 118–119
economy, U.S. economy (relationship),
loss, 154–155
201–203
American economy, defi nition/role, 137–138
global growth contribution, 64–66
Areddy, James, 197
government, size, 199–200
Austrian school of thought, 147–148
government bonds, dumping (impact),
187–188
Baby boomers, 30–31
importance, 203–204
Bixby, Bob (federal debt issue), 25–28
nuclear option, 72
Black Monday (1987), 54–57, 169
U.S. debt consumption, impact, 189–190
Bond market, Buffett usage, 186–187
U.S. exports, 68
Bonner, Bill, 43–44, 90, 111
U.S. treasuries, liquidation (threat), 70–71
Borrowing, problems, 149–150
“Citizens Guide to the Financial Condition of Bread and circuses, Roman control
the United States” (Peter G. Peterson
system, 116–117
Foundation), 86–89
Bretton Woods, 161–163
Clinton, Bill
breakdown, 147
budget reform, 102
lessons, 120–123
campaign promises, 101
Brookings Institution, 20–21
Concerned Youth of America (CYA), 34–36
Budget
Concord Coalition, 20–21, 35, 69, 139
balancing, diffi culty, 130
impact, 23–24
illustration, 29f
Volcker contribution, 166–167
problems, 84–85
Congressional Budget Offi ce (CBO), 32
stresses, 27–28
Conrad, Kent, 27–28
usage, reason, 148–149
Consumption, focus, 67
Budget defi cit, 23, 174
Contract with America, 38
defi nition, 32–33
Credit, addiction, 53
money, borrowing, 69
Current account defi cit, 59–60
solutions, 41–42
Budget Reform Act of 1974, 32
Debt
Buffett, Warren (Oracle of Omaha),
ceiling, increase, 16
60–64, 90, 175
collective madness, 114–115
business approach/philosophy, 183–185
foreign ownership, impact, 135–136
economics, fascination, 176
generational passage, 155–156
money/family/society, philosophy, 192
payments, determination, 113–114
Bush, George (41), budgetary involvement,
service, Forbes perspective, 252
208–209
threat, Forbes perspective, 250–251, 259
Bush, George (43), Laffer perspective, 234–235
Debt-to-GDP projection, 85f
Defi cit
Central bank, impact, 172–173
impact, Laffer perspective, 234
China
importance, 32–33, 128–129
change, 198–199
increase, 16, 150, 235–236
economic boom, 66–67, 181, 244
issues, 85–88
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264 Index
Defi cit ( Continued )
Fiscal imbalances, problems, 136–137
nonimpact, Cheney interpretation, 80
Fiscal path, unsustainability, 22
projections, 30f
Fiscal policy, politics (diffi culty), 38–39
reduction, 180–181
Fiscal problems, 18–20
Rivlin explanation, 107
Fiscal Responsibility Act, 38
Ronald Reagan philosophy, impact, 80, 218
Fiscal Wake-Up Tour, 20–21, 27, 36, 82
spending, expectations, 129–130
Ames arrival, 40–41
worries, 33
media exclusion, 37
Delusions, 111–112
Flat tax, Forbes concept, 256–257
Demagoguery, increase, 184
Forbes, Steve, 245
Derivative contracts, nominal/face value,
Ford, Gerald (budgetary involvement), 207–208
122–123
Foreign currencies, Buffett purchase, 178–179
Freedom, delusion, 119
Economic Growth and Tax Relief Reconciliation Free market theory, 69–70
Act of 2001, 77
Economic issues, understanding,