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You are spending down your human capital.
"We're living basically, we're spending down our savings".
He is taking spending down to average levels.
What's realistic, reasonable, and how to overcome the fear of spending down?
He favors bringing entitlement spending down rather than bringing revenues up.
"I cut taxes, held spending down and aggravated everybody in sight," he said.
A credit squeeze will aggravate the housing bust and falling house prices could drag spending down further.
But the drive to keep spending down will forever be challenged by technology's efforts to overcome it.
The letter comes as the District's "Plan B" strategy of spending down a special reserve fund approaches an end.
Mr. Gulotta's career was based on holding taxes down, but his undoing was failing to keep spending down accordingly.
"The prospects are zero for being able to hold spending down to the levels they want," Mr. Collender said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com