Word: billion
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Dates: during 1950-1959
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...debate about how to achieve prosperity without inflation is the fact that since recession-shadowed early 1958 the U.S. economy has sensationally achieved just that (see chart). Last week Administration officials reported that the U.S.'s gross national product added up to an alltime record rate of $464 billion a year in the first quarter of 1959-a hefty $37 billion above the first quarter...
...over the past twelve months: the United Steelworkers' demands for fat "general contract improvement" when current contracts with the steel companies run out on June 30. (Since January the Steelworkers have been running weekly newspaper advertisements touting the national economic benefits that would flow from an "Extra Billion Dollars" in Steelworkers' hands.) Big wage or fringe-benefit boosts in steel, with or without a strike, might well touch off a new wage-price spiral. Against that threat President Eisenhower gave stern warning at his news conference last week. "Here is a place where labor and management must show...
...some studied support for their argument: a staff report from the Joint Congressional Committee on Internal Revenue Taxation flatly predicted that the Eisenhower Administration's hopes for a balanced budget are doomed to red-ink disappointment. Federal income in 1960, said the report, will come to $75.8 billion instead of the $77.1 billion predicted in the President's 1960 budget. If so, a deficit of at least $1.2 billion is inescapable even if Congress votes not a nickel more for outgo than the $77 billion that Ike requested. Actual 1960 spending, the report continued, is likely to reach...
Whether the Federal Government will wind up in the red in fiscal 1960 also depends on what Congress does about the President's special request for $1.4 billion to meet U.S. International Monetary Fund obligations. Ike wants that $1.4 billion charged to the hopelessly unbalanced 1959 budget, some $13 billion in the red. Many Capitol Hill Democrats, led by Arkansas' Senator William Fulbright, want to list the IMF money in the 1960 budget, which would tilt it heavily out of balance. In predicting a $4.2 billion deficit in 1960, the joint committee report assumed that Fulbright & Fellows would...
TEXACO, INC. will be the new name of the Texas Co., major petroleum producer (1958 sales: $2.3 billion), since everybody calls it by its trademark...