I.O.U.S.A - Addison Wiggin [132]
Gold
Buffett contention, 115–116
Greenspan support, 124
importance, 167–168, 175–176, 220–221
standard
reasons, 108
Buffett perspective, 179
Economics
Forbes perspective, 259
dismal science, 134–135
Gold standard, fi at currency (contrast), 123–124
Volcker interest, 161–162
Gold window, Nixon closure, 121
Economy, threats, 27–28
Government level, determination, 78–82
Employment rates, decrease, 77
Government spending/taxes, contrast, 168
Entitlements
Great Depression, impact, 246–247
habit, 145
Greenspan, Alan, 38, 52, 90, 169
programs
Forbes perspective, 253
problems, 255–256
Jon Stewart interview, 56–57
support, 105
Paul O’Neill relationship, 222–224
reform, 140–141
Ron Paul, relationship, 53–54, 152–153
Greenspeak, 55
Federal budget, defi cit level, 105–106
Gross domestic product (GDP), 19
Federal debt, 180
decrease, 60
history, 25–26
imports, relationship, 181–182
level, 83f, 86
personal savings, equivalence, 44
public debt, Roosevelt administration
taxes, percentage, 79
concept, 159
Federal fi nancial problem, worsening, 37–38
Hard money, 124
Federal government, size increase (Laffer
Heritage Foundation, 20–21, 38
impact), 232–234
Home prices
Federal government, spending, 87
decline, 45–46
fi nancing, 105–106
S&P Case-Shiller indexes, 46f
Federal Reserve, 46–48, 54–57
Housing bubble, savings (impact), 159–160
Federal Reserve Act, 46–47
Human nature, Forbes perspective, 257–258
importance, 125–126
Federal surplus, 104
Infl ation, 48–51
Fed window, closing, 49
appearance, 143
Fiat money, 46–47
consequence, 52–53
Finances, management (problems), 17–18
expectations, 50
Financial warfare, 72–73
explanation, 151
Financing gap, closing, 84
factors, 143–144, 171
Fiscal defi cit, worsening, 131–132
Federal Reserve, impact, 142–143
Fiscal discipline, reestablishment, 133–134
immorality, 151–152
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Index 265
occurrence, 144
administration economic rating, 141–142
spending, impact, 254–255
family life, 144
Interest rates, impact, 164
Political system, problems, 82–85, 237–238
International monetary system, attention, 122
Private debt (public debt), foreign ownership, 70f, 71f
Just-in-time politics, 135–136
Productive capacity, loss, 182–183
Purchasing power, 63
Laffer, Arthur, 225
crisis, inheritance, 229–233
Reaganomics, 25–26
economics, interest, 225
Recession, 103–104
Laffer curve (taxable income elasticity), 25–26, Reserve currency, status (threat), 131
76–77
Rivlin, Alice, 32–33, 89–90, 99
Leadership
CBO directorship, 100
defi cit, 75, 84–85
OMB deputy directorship, 100–101
Forbes perspective, 248–249, 257–258
Roberts, Paul Craig, 71–72
role, 185–186
Rubin, Robert, 38, 70, 91, 127
Longevity, increases, 33
Long-term fi scal defi cits, addressing, 132–133
Savings
absence, reasons, 170–171
Medicaid, problems, 255–256
culture, change, 249–250
Medical care spending, increase, 33
defi cit, 43
Medicare
importance, 172
costs, 84
monetary policy, disincentive, 158–159
initiation, 81
problems, 84–85, 169–170
problems, 79
support, 156
Middle-class tax cut, argument, 128
Savings rate
Mills, Wilbur, 141
low level, 55–56
Money, understanding, 260
negative level, 52–53
Money/capital assets, strategic tool, 191–192
reduction, 53
Money supply, 48–51
Shanghai Bureau, importance, 197–198
decline, 49
Silver tsunami, 28–31
Mr. Rushmore crowd, 89–91
Social Security
Mussolini, debt control, 117–118
problems, 79–80, 255–256
program, payouts, 29
National debt, Forbes perspective, 246
surpluses, problems, 139–140
National debt clock, 39–40, 234
Society benefi ts, distribution (disparities), National savings, defi cits (impact), 87
193–194
Nixon, Richard M.
Spending
dollar devaluation, 229–231
expansion, problems, 157–158, 174
impact, 120–123
reduction, 248–249
Squanderbonds/Squanderbucks, 61, 69
Oil embargo (1973), 142
Squanderville, Thriftville (contrast), 60–64
O’Neill, Paul, 78–81, 91, 205
Statistics, understanding, 252
administration advice, impact,