Word: billioned
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Dates: during 1950-1959
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...arriving at his desk by 7:30 a.m., staying until 7 p.m. or later, and was recently heard to mutter wearily: "Somebody has got to invent a 48-hour day." Anderson and Stans hope to hold down fiscal 1960 spending (beginning next July) by cutting into the scandalous $7 billion-a-year cost of farm programs, switching to the states some federal responsibilities for slum clearance, aid to the aged etc. But it is in the $40 billion defense budget that the real cuts must be made if the Administration is to approach its budget goals. To that end. President...
...that has elected a Congress likely to be less cost-conscious than its predecessor, the goal seems almost unattainable. Even if the Administration is right in its prediction that the economy's upward surge will push federal income in fiscal 1960 to an alltime record of $75 billion, a deficit of more than $4 billion still looms if spending stays at this year's level of $79.2 billion. And the pressures on spending are upward, not downward: the fantastically elaborate military hardware of the missile age keeps getting costlier, each international crisis makes defense cuts harder, and demand...
...Question. While making his subjects more malleable under the never-ending blows of the Communist hammer, Mao also went to work on the Chinese economy. In exchange for technical help and machinery, he shipped out to Russia antimony, tin, tungsten and, above all, desperately needed food. Of the $2.2 billion in "aid" that China has received from the U.S.S.R. since 1950, almost none of it was a genuine gift; the $300 million surplus that China expects to run this year in its trade with the U.S.S.R. will go to pay off past Soviet loans...
China's overriding economic problem is not its scarcity of resources but its oversupply of people. Population, now put at 653 million, is increasing by about 15 million a year. At this rate, there will be a billion Chinese by 1980, more than 2 billion by the turn of the century. In terms of per-capita production, Mao's China still lags far behind Japan or Formosa (see chart). Worse yet, despite mammoth irrigation and reclamation projects, population growth has cut the amount of cultivated land per person in Red China from .462 acres...
...communications, American Telephone & Telegraph President Frederick R. Kappel said the decline in new phone installations was reversed in September and "business is on the way up." Betting heavily on the future, A.T. & T. will spend $2 billion on construction next year for the fourth year...