I.O.U.S.A - Addison Wiggin [133]
Subprime loans, 45
budgetary challenges, 205–206
Summers, Larry, 38
presidential service, 206–207
Supply-side economics, 25–26
tax cuts, policy differences, 217–220
Buffett perspective, 194
Surpluses, projections, 39–40
Paul, Ron, 51–53, 90, 147
presidency, candidacy, 157
Tax cuts, 77–78
Personal savings rate, illustration, 44f
economic growth, 15–16
Peter G. Peterson Foundation, acquisition, 93
Laffer perspective, 225–229, 231–232
Peterson, Peter G., 49, 90, 139
problems, 236–237
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266 Index
Tax cuts ( Continued )
U.S. economy
supply-side perspective, 221–222
deceleration, innovation (impact), 68–69
support, 235–236
Rivlin characterization, 107–108
Taxes, corruption (Forbes perspective), 245
U.S. fi nancial health, O’Neill perspective, Tax/spending policies, impact, 87
209–214
Tax surcharge, feedback effect, 239–240
U.S. government
Thriftville, 64–67
debt, foreign ownership, 201–202
Trade defi cit, 59, 200
sacrifi ces, absence, 251–252
chart, 65f
successes, Forbes perspective, 258
decline, 62
unfunded liabilities, 86
impact, 60, 190
U.S. Government Accountability Offi ce (GAO), sustainability, 203
18–19
Trade problems, 84–85
U.S. lifestyle, change, 113
correction, 182
U.S. recovery, necessity, 127–128
Trust funds, 139
U.S. stability, threat, 255
Tsongas, Paul, 23–24
U.S. Treasury bonds
Tully, Mike, 34–35
dumping, 188–189
Tyranny of the here and now, susceptibility, foreign ownership, 173–174, 178,
119–120
201–202
risk-free investments, Buffett perspective, 186
Unfunded liabilities, problems, 180
United States/China trade defi cit, 200–201
Volcker, Paul A., 49–51, 90–91, 161
U.S. Constitution, checks and balances, 119–120
infl ation repair, 142
U.S. consumption/production, Buffett contrast, Laffer credit, 165–166
176–178
Laffer perspective, 240–242
U.S. debt, foreign ownership, 69–70
stability, restoration, 164–165
U.S. dollar
decline, 129
Walker, David, 18–21, 82
faith-based currency, 47
employment change, 93–94
value
War savings bonds, purchase, 69
Forbes perspective, 253–254
Laffer perspective, 242–244
Yuan revaluation, 72–73
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Document Outline
I.O.U.S.A. Contents
Foreword
I.O.U.S.A. Cast of Characters
Acknowledgments
Part I: THE MISSION Chapter 1: THE REAL STATE OF THE UNION The Fiscal Cancer
The Fiscal Wake-Up Tour
The National Conversation
Chapter 2: THE BUDGET DEFICIT Bixby Goes to Washington
The Silver Tsunami
What Is a Budget Deficit?
The Concerned Youth of America
Is Anyone Listening?
The Committee to Save the World
What Were They Thinking?
The Real Pain
Solutions
Chapter 3: THE SAVINGS DEFICIT What Americans Bought and Lost
The Federal Reserve
Money Supply and Infl ation
The First Panacea
A Short Visit with the Maestro
Solutions
Chapter 4: THE TRADE DEFICIT The Road to Squanderville
Welcome to Thriftville
We Think, They Sweat
The Nuclear Option
Solutions
Chapter 5: THE LEADERSHIP DEFICIT What�s the Right Level of Government?
�Washington Is Badly Broken�
Wake Up, America!
The Mt. Rushmore Curtain Call
EPILOGUE
Part II: THE INTERVIEWS Alice Rivlin
William Bonner
Robert Rubin
Peter G. Peterson
Ron Paul
Paul A. Volcker
Dr. Alan Greenspan
Warren Buffett
James Areddy
Paul O �Neill
Arthur Laffer
Steve Forbes
Additional Resources
Index