Word: boom
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...widespread belief that he had brought the U.S. a kind of permanent prosperity. Reaganomics -- which meant cutting taxes and incurring deficits beyond anything John Maynard Keynes ever dreamed -- struck some experts as voodoo economics (as the future Vice President George Bush christened it in 1980), but the boom rolled on. A doubled national debt of more than $2 trillion? Trade deficits of more than $15 billion a month? What did that matter, when inflation had been cut to about 4.5%, unemployment to 5.9%, and the Dow Jones soared well over...
...polls that they have little to lose. Bruce Babbitt talks of raising taxes on Social Security benefits of the affluent elderly. Pat Robertson and Pete du Pont warn that Social Security is threatened with bankruptcy and advocate shifting some of the burden to private plans. "When the baby-boom generation retires, we're going to have to double taxes on our kids or cut benefits in half," says du Pont...
...room grew larger, and with it the tree and my eyes. The mad doctor returned and covered the nutcracker with his cape. Boom, flash, I jumped inadvertently in my seat, and with the swirl of Drosselmeyer's cape, the nutcracker was real. And so was the magic; it was back. The battle with the mice started: squeak, bang, squeak, bang, and was over, sooner than I had thought. The mouse king writhed in simulated agony, pumped his feet down to the ground, waved at the audience, and the good guys...
Attitudes about saving differ strikingly between members of the baby-boom generation and their parents. Barton Goldberg of Delray Beach, Fla., a retired retailing executive, and his wife Rita recall saving a $1,800 nest egg in the 1950s on a salary of only $13,000 while living in New York City and rearing two children. When the family moved to Virginia, where living costs were much less, the Goldbergs were able to save nearly half of Barton's take-home pay. Says their daughter Jane Warden, 34: "My parents were very big bargain hunters. My mother would wait...
...addition to the tax code, demographic changes have no doubt contributed to the savings drought. The baby-boom generation -- the 76 million Americans born between 1946 and 1964 -- is in its peak spending years right now. According to the so-called life-cycle theory of savings behavior, people tend to do their heaviest borrowing and spending from their mid-20s to mid-40s. Then, after their children are grown, they start saving for retirement. Many economists predict that when a huge number of baby boomers reach middle age in the 1990s, the level of U.S. saving will improve...