America's Fiscal Constitution (101 page)

Prohibition,
167
,
175
,
178–179

Promissory notes,
94

“Quantitative easing”/“credit easing,”
350
,
402

Railroads

     
after Panic of 1873 and,
115

     
financing,
125

     
growth 1845–1856,
85

     
opposition to freight prices,
126
,
127

     
settling interior lands and,
125

     
subsidies,
110–111
,
126

Rancher/farmer alliances,
126–127
,
130–131
,
178

Randolph, Edmund,
22

Randolph, John,
43
,
75

Rayburn, Sam,
229
,
237–238

Reagan, John,
130

Reagan, Ronald

     
1981 budget debate,
286–287

     
assassination attempt,
284
,
285

     
as California governor/presidential campaign,
279
,
280–283

     
cuts in small programs,
297

     
“fact sheet” on budget plan,
281–282

     
fighting/cutting social programs,
251
,
268
,
279
,
280
,
288

     
homeless population rise and,
279

     
Medicaid and,
254
,
268

     
partisan myths and,
13
,
297

     
presidential convention (1976),
268

     
“Rosy Scenario” budget,
283

     
standby tax surcharge,
293–294
,
297
,
338

     
storytelling and,
282–283

     
tax cuts/military spending and,
276
,
279
,
280–289
,
291–294
,
297
,
299
,
302

     
tax reform and,
300

     
unbalanced budgets/debt,
281–289
,
291–294
,
333
,
338

Recession

     
following Panic of 1873,
115–116

     
mid-1970s,
266–267
,
273–274
,
278

Recession of 2008

     
background,
64
,
344–345

     
debt/stimulus spending statistics,
347–348

     
description/recovery strategies,
345–348

     
economic growth following,
347

     
foreign creditors and,
345

     
Freddie Mac/Fannie Mae and,
345

     
lessons applicable to current debt,
345

     
recovery,
360

     
situation by mid-2012,
352–353

     
stock market and,
341

     
TARP and,
187

     
tax rebates and,
344–345

Reconstruction Finance Corporation (RFC),
187
,
192
,
194

Reed, Thomas,
130

Reform needs

     
Federal Reserve,
401–402

     
Medicaid,
390–391

     
political parties,
403–408

     
taxes and,
398–401

     
See also
Budget practices reform
;
Medicare reform

Regan, Donald,
293
,
300–301

Relief Act (1821),
66

“Report on Manufactures” (Hamilton and Coxe),
60

“Report on Manufacturing” (Coxe),
60

Republican Party

     
1976 platform,
268

     
budget practices reform and,
406–408

     
See also specific individuals

Republican Party (1800s)

     
Billion Dollar Congress,
129–131

     
campaign of 1864,
111

     
convention (1855),
95–96

     
convention/platform (1856),
96

     
early immigration views,
93

     
federal appointments,
112

     
first budget plan,
98–99

     
Fiscal Tradition and,
93

     
“pay as you go” view,
98

     
political parties forming (mid-1800s),
93
,
95–96
,
99

     
public education,
99

     
railroad subsidies and,
110–111

     
reformers,
121
,
122

     
slavery extension and,
93
,
94
,
96

     
See also
Political parties
;
specific individuals

Revenue Act (1917),
162–163
,
399

Revenue Act (1942),
208–209
,
211
,
337

Revenue Act (1964),
249

“Revolution of 1800,”
42

Reynolds, James,
30

RFC (Reconstruction Finance Corporation),
187
,
192
,
194

Ricardo, David,
62

Ritchie, John,
72–73

Ritchie, Thomas,
66

Rivlin, Alice,
386

Rockefeller, John D.,
127
,
150
,
169

Rockefeller, Nelson,
254

Rogers, Roy,
211

Romney, George,
254

Romney, Mitt

     
on 47 percent/income tax,
209

     
2012 presidential campaign/fiscal policies,
209
,
353
,
407

     
Massachusetts health insurance plan,
311

Roosevelt, Franklin

     
background/personality,
7
,
191

     
campaign/presidential elections,
189–190
,
199–200

     
“court-packing scheme,”
200

     
death,
213

     
fiscal policies,
7
,
151
,
331
,
396
,
406

     
as governor,
188
,
189

     
income taxes and,
396

     
politics,
168
,
180

     
presidency,
77
,
164
,
190–193
,
194–196
,
198
,
199
,
207
,
208
,
212

     
vetoes of spending bills,
77
,
403

     
World War II and,
207
,
208
,
212

     
See also
Great Depression
;
Social Security

Roosevelt, Theodore, Jr.

     
1912 campaign/platform,
153
,
154

     
antitrust issues,
142–143

     
assassination attempt (1912),
154

     
background,
124
,
127
,
136
,
141
,
144

     
European tour/African safari,
153

     
labor relations,
143

     
navy buildup/costs,
144–145

     
Panama Canal,
141
,
142

     
politics,
124
,
136–137
,
153
,
154
,
159

     
presidency,
141–147

     
Taft and,
145
,
153

     
taxes and,
145–146

     
Venezuelan crisis,
143–144

     
World War I/son and,
167

Roosevelt, Theodore, Sr.,
121

Rostenkowski, Dan

     
background,
305

     
Bush, George H. W. and,
205
,
304

     
politics and,
285

     
Reagan policies and,
286
,
292
,
301

Rousseau,
38

Rove, Karl

     
Bush and,
324
,
332
,
333

     
Dawes and,
171

Rumsfeld, Donald

     
fiscal/military policies,
267
,
276
,
331

     
Ford administration,
267

     
War on Terror and,
334

Russia, World War I and,
161
,
165–166
.
See also
Soviet Union

Ryan, Paul,
352

Samuelson, Paul

     
background,
223
,
224

     
federal spending during downturns,
223–224

     
on Great Depression,
223

     
Kennedy and,
245

     
as liberal,
224

Say, Jean-Baptiste,
53

Schlesinger, Arthur,
177

Schultze, Charles,
260

Scott, Winfield,
89

Sears, Roebuck and Company,
177

Seigniorage,
81
.
See also
Monetization of debt

Senate

     
beginnings,
23

     
House of Representatives members vs.,
23

Sequestering

     
Budget Control Act (2011),
249
,
352
,
353
,
359–360
,
371
,
376–377
,
377
(fig.)

     
Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Act (1985),
299
,
305
,
352
,
371

Shaw,
149

Sherman Antitrust Act (1890),
130
,
142

Sherman, John

     
as anti-slavery,
93
,
98
,
130

     
background,
94

     
fiscal policies,
93
,
94
,
95
,
97
,
98
,
103
,
105–106
,
109
,
112
,
113
,
114
,
118
,
119
,
132
,
149
,
170

     
paper currency and,
94
,
106