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Is Trillion the New Billion?
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Abstract
Not so long ago, 1billionseemedworthworryingaboutâasEverettDirksen,thelatesenatorfromIllinois,wassupposedtohavesaid,"Abillionhere,abillionthere,andprettysoonyouâ˛retalkingrealmoney."Today,anothertrillionâdollarcommitmentbytheFederalReservemakesheadlinesforonlyadayortwo,andaprojectedfederalbudgetdeficitexceeding1 trillion is widely viewed with equanimity. Are we courting disaster in this indifference to inconceivably large sums? Or have the extraordinary challenges faced by the economy today fundamentally altered the arithmetic of government finance? The answer is yes - and yes.Other Topics