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APRIL 25, 2016
You owe
$
42,998.12
Make America Solvent Again
By James Grant
time.com
That’s what every American man,
woman and child would need to pay
to erase the
$13.9 trillion
U.S. debt
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© 2016 Time Inc. Books. TIME is a registered trademark of Time Inc.
VOL. 187, NO. 15 | 2016
4 |
From the Editor
6 |
For the Record
The View
Ideas, opinion,
innovations
Cover Story
The Brief
News from the U.S. and
around the world
In Debt We Stand
By James Grant
28
7 |
Are
GOP insiders
giving up
on winning
the White House?
8 |
A bridge that would
have saved
Moses a
lot of trouble
9 |
Dificult days for
David Cameron
10 |
Ian Bremmer on
our automated future
12 |
The link between
money and
life span
19 |
Is Obamacare
contributing to
opioid
abuse?
20 |
The roots of the
U.S.’s
love of guns
21 |
Betting on a
water
bottle
that ills itself
21 |
A
Rust Belt
success story
22 |
Next-generation
carpooling
24 |
Volunteering
made easy
26 |
Rana Foroohar:
Janet Yellen is
putting
Main Street first
27 |
Joe Klein on what
Bill Clinton’s crime bill
got right
Wait—No Woman on the $10 Bill?
By Maya Rhodan and David Von Drehle 34
The Billionaire and the Bigots
By Alex Altman 38
13 |
Baltimore, a year
after
Freddie Gray’s
death
14 |
The world’s
coral
reefs
are in crisis
16 |
The heat is on
Brazil’s
Dilma Rousseff
Time Of
What to watch, read,
see and do
52 |
Children’s book
It
Ain’t So Awful, Falafel
54 |
TV:
The Night
Manager
55 |
Quick Talk with
actor
Hugh Laurie
55 |
Dice
comes up
snake eyes
56 |
Movies:
The Jungle
Book, Sing Street
49 |
The death of the
pop album?
51 |
What’s new on
Broadway
51 |
Memoirs of an Iraq
War
interrogator
N E PA L : J A M E S N A C H T W E Y F O R T I M E ; M C B R I D E : J AV I E R S I R V E N T F O R T I M E
Villagers in badly damaged Barpak, Nepal, aren’t getting much help
58 |
Kristin van Ogtrop
on
being the boss
at
work—and at home
60 |
10 Questions with
writer
James McBride
Unnatural Disaster
By Nikhil Kumar / Photographs by James Nachtwey 42
National Book
Award winner
McBride, page 60
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3
From the Editor
A debt we all
must pay
IT IS ALWAYS TEMPTING TO COVER PRESIDEN-
tial campaigns as theater or sport, especially in a
year when the performances have been so lam-
boyant. But elections have consequences, and
even though candidates’ positions have a way of
evolving once they are in oice, a campaign is a
chance to assign weight to the challenges America
faces. In recent issues we’ve done that by explor-
ing the value of free trade and the shifting tension
between privacy and security.
For this issue we invited Jim Grant, editor of
Grant’s Interest Rate Observer
and a wise economic
analyst, to explain one of the most seemingly in-
comprehensible numbers around: the $13.9
trillion
in debt the U.S. government is carrying on the na-
tional credit card. To help put that amount in per-
spective, we took the unusual step of customizing
our cover for each of our subscribers. (As a result,
we’ve printed 2,949,767 diferent covers—which
means that if you are a subscriber, you are hold-
ing something of a collector’s item.) As we mark
tax day, which this year falls on April 18, it’s ap-
propriate to remember, as Jim points out, that the
$42,998.12 share of federal debt for each and every
American ultimately represents a form of deferred
tax that must one day be paid.
How far of is the reckoning? There was some
progress last year when the deicit clocked in at
$405 billion, the lowest since 2008. But eight years
on from the inancial meltdown, the cycle that once
provided reassurance—in which the U.S. ran up
its debt for wars or crises and then pared it back
during boom times—now seems to be broken.
With refreshing candor and clarity, Jim lays out the
political and policy decisions that brought
us to this point and what it would take
to chart a path to solvency. “The debt’s
nobody’s favorite subject,” Jim says.
“It’s like bad news from your mutual
fund. You can hardly bear to open the
envelope to look at the numbers—but
you somehow feel better after you do
inally confront them.”
NOW PLAYING
New series
TIME Digital is now using video animation to answer some
of today’s most complicated questions. Among them: Should
Americans fear North Korea’s nuclear capabilities?
(above)
and How does a contested political convention really work?
Watch the irst installment at
time.com/Nuclear-NK
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4
TIME
April 25, 2016
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