I.O.U.S.A. (64 page)

O’Neill, Paul, 78–81, 91, 205

Statistics, understanding, 252

administration advice, impact, 215–217

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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• 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