 | 1980 - 208 pages
...the provisos discussed above. proximately 20 percent in GNP. This amounts, as Feldstein 20 notes, "to nearly 30 percent of total consumer spending, more...twice the level of national defense expenditures. . . . Let me emphasize that this lower level of GNP reflects the pay-as-you-go nature of our social... | |
 | 1980 - 928 pages
...the provisos discussed above. proximately 20 percent in GNP. This amounts, as Feldstein 20 notes, "to nearly 30 percent of total consumer spending, more...twice the level of national defense expenditures. . . . Let me emphasize that this lower level of GNP reflects the pay-as-you-go nature of our social... | |
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To put this number in some perspective, note that $197 billion is nearly 25 percent of total consumer spending, nearly twice the total of individual income tax payments, and substantially more than twice the level of national defense expenditures. Viewed... 