Word: billion-plus
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...next year, Greenspan foresees expenditures of $275 billion and federal revenues of about $258 billion, creating a deficit of some $17 billion. The more important figure is the so-called full-employment deficit, which calculates how much Government revenues would be if the economy were fully employed. Next year the full-employment deficit should still be sizable, though less than this year's $10 billion-plus...
...completely. Operations that amount to public utilities-like gas, electricity and transportation-are not targets for denationalization, though the Tories will try to attract private investment to some companies in those fields. At present, nationalized firms must look to the government for roughly half their loan capital-a $1 billion-plus annual drain on the treasury. While a few state-owned industries, like gas, electricity and the airlines, occasionally turn a profit, most others are perennial losers. The Coal Board has piled up $34.5 million in deficits, despite Lord Robens' moves to reduce costs and increase productivity. Heath...
...crisis of local government. As middle-class taxpayers leave the central city for the suburbs, revenue goes down while public-service costs go up because most of those who remain are poor. Welfare costs in New York City, for example, now consume $1.5 billion annually, the largest item in the city's $5-billion-plus budget. Welfare costs in suburbia are increasing at an even greater rate than those in the central cities...
United Steelworkers President I. W. Abel allowed that he was "not totally happy" with the agreement, and a number of union locals showed their own displeasure by staging a series of wildcat strikes. Even so, the $1 billion-plus settlement was the biggest in the union's history. The contract will add at least 900 to the $4.93 the average steel-worker now receives in wages and benefits. By comparison, total compensation back in 1950 amounted to $1.91. Be sides a three-year pay increase of 440, the new pact calls for broadly improved pensions...
...Mills, would not yield without parallel cutbacks in Government outlays. Meanwhile, consumer prices were advancing at an annual rate of 4%, more than twice the average of the early '60s. The gross national product was bubbling toward the $850 billion level, up some $65 billion from last year. Interest rates soared. On top of a $20 billion-plus federal-budget deficit in the fiscal year ending this month, the new year was expected to bring as much as $30 billion in red ink. So huge a deficit, in turn, threatened to reduce confidence in the already shaky dollar...