I.O.U.S.A. (10 page)
Authors: Addison Wiggin,Kate Incontrera,Dorianne Perrucci
Tags: #Forecasting, #Finance, #Public Finance, #Economic forecasting - United States, #General, #United States, #Personal Finance, #Economic Conditions, #Economic forecasting, #Finance - United States - History, #Debt, #Debt - United States - History, #Business & Economics, #History
C h a p t e r 2
THE BUDGET DEFICIT
It’s not just immoral. It’s fundamentally wrong—
and mean—for one generation to spend the next
generation’s money.
—Bill Bonner, best-selling author
In 1992, Warren Rudman, a Republican senator; Paul Tsongas, the Democratic presidential candidate; and Pete Peterson, the former Commerce Secretary, founded the Concord Coalition. At the time, they were very concerned about the budget defi cit and also the long - term outlook of compounding national debt.