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A pattern of overspending has been in place for half a century. As the national debt grew, we were told not to worry, that we owed it to ourselves. Now we know that deficits are a cause for worry. But there's a difference of opinion as to whether taxes should be increased, spending cut, or some of both.
This piece of hyperbole was softened by the fact that on two occasions, when the State needed money to supply deficits, Toombs with other Georgians did come forward and lift the pressure. Sometimes he talked in a random way, but responsibility always sobered him. He was impatient of fraud and stupidity, often full of exaggerations, but scrupulous when the truth was relevant.
When I took office, the deficit for 1998 was projected to be $357 billion, and heading higher. This year, our deficit is projected to be $10 billion, and heading lower. For three decades, six presidents have come before you to warn of the damage deficits pose to our nation.
Simple fairness dictates that government must not raise taxes on families struggling to pay their bills. The root of the problem is that government's share is more than we can afford if we're to have a sound economy. We must bring down the deficits to ensure continued economic growth.
Deficits were made up by forced loans, by executions and confiscations, by open simony, and by contributions levied on the ecclesiastical corporations.
With the aid of the accomplished financier Gogel, who had already done much good service to his country in difficult circumstances, he, by spreading the burdens of taxation equally over all parts of the land and by removing restrictive customs and duties, succeeded in reducing largely the deficits in the annual balance-sheet.
But I ask you to consider that we should at least enact these savings that both plans have in common and give the American people their balanced budget, a tax cut, lower interest rates, and a brighter future. We should do that now, and make permanent deficits yesterday's legacy. Now it is time for us to look also to the challenges of today and tomorrow, beyond the burdens of yesterday.
And fourth, because we must ensure reduction and eventual elimination of deficits over the next several years, I will propose a standby tax, limited to no more than 1 percent of the gross national product, to start in fiscal 1986. It would last no more than 3 years, and it would start only if the Congress has first approved our spending freeze and budget control program.
Other orchestras, he found, as, for example, the Boston Symphony and the New York Philharmonic had their deficits met by one individual patron in each case. This, to Bok's mind, was an even worse system, since it entirely excluded the public, making the orchestra dependent on the continued interest and life of a single man. In 1916 Bok sought Mr.
But however precarious and over-leveraged the financing of individual American borrowers-including American banks, which intermediate such borrowing internationally-might be, they are invulnerable to dollar devaluation. In effect, America's collective current-account deficits are sustainable indefinitely."
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