Peter Peterson

Recent Articles

What I Really Say about Balancing the Budget

H owever you look at it, America is failing to prepare for its economic future. Each decade our savings performance worsens, and each decade so do our prospects for higher living standards. During the 1960s, U.S. net national savings averaged 8.1 percent of GDP. During the 1980s, that rate fell by half (to 3.9 percent). Thus far in the 1990s, it has fallen by half again (to 1.7 percent) and today it amounts to a mere fraction of the rate of any other industrial country, large or small. The decline in U.S. domestic business investment has been equally dramatic, except to the extent we have borrowed from foreign creditors. Public investment is also flagging. Of every nondefense dollar the federal government spends, only about 5 cents now go to build any tangible thing that remains standing after the fiscal year is over. Commissions, task forces, and public figures are nearly unanimous on our need to change course -- and soon. This is not just a Republican concern. Governor Mario Cuomo...