Word: account
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Dates: during 1960-1969
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...more efficient, cities have in effect been offered expressways virtually free. The lure has usually proved irresistible, and as a result cities?not to mention the countryside?have been torn apart. The car has not only wrecked the city physically but poisoned its air as well. Auto exhaust fumes account for about 60% of air pollution in the U.S., even with the addition of exhaust-control devices...
...even after this immense military mortgage is taken into account, the financial bind should begin to ease in 1971. If Nixon chooses to keep taxes at present levels-without the surtax-he will enjoy the benefit of "a fiscal dividend." This dividend is created by the automatic rise in federal revenues that accompanies the economy's growth; automatic, that is, so long as the economy does grow, for recessions have not yet become unconstitutional. If the gross national product continues to advance at a rate of an average 6-7% annually, tax revenues will increase faster than federal expenses...
Fortunately, no jolting slowdown is expected. In its annual report, the President's Council of Economic Advisers foresaw a 6% gain (to $941 billion) in Gross National Product this year. Inflation should account for "a little more than 3%" of that growth and real output "less than 3% ." Real growth last year...
...Johnson Administration feared the damage that mandatory import controls would do to its policies of free trade. Thus it has been trying to induce foreign steelmakers to cut back shipments to the U.S. voluntarily. Last week the Federal Government announced that Japanese and Continental European steel producers, who together account for four-fifths of all steel imports, had agreed to impose their own restrictions for the next three years...
Unfortunately, that record is more than a little misleading. The 69 funds that failed to outperform the Big Board's index account for some $21 billion-or more than 38%-of all the money in funds. Investors Mutual Fund, the industry's biggest (assets: $3 billion), grew a disappointing 8.45%. A sister fund, Investors Stock ($2.3 billion), gained 8.3%, while Wellington Fund ($1.8 billion) rose only 8%. Fidelity Trend ($1.4 billion), which registered a 34% increase in 1967, achieved no more than a 1.76% rise last year...