Word: billioned
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Dates: during 1950-1959
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...sobering fact is that the $6.6 billion farm program has become a disaster of such magnitude that it deserves far better than partisan exploitation. So twisted and distorted is the normal farm economy because of subsidies that no honest candidate can propose an overnight solution. But by the same token, no honest candidate can pretend to be serving the national interest unless he makes solution of the farm scandal his urgent business. It is no answer to stand on the here-and-now, and it is no answer to go back to older remedies that also failed. The farmer, along...
...chancelleries around the world, U.S. diplomats were explaining to foreign governments last week that the U.S. is in the midst of a major change in foreign policy. The outflow of dollars from the U.S. would exceed the inflow by some $4 billion this year; the end of the Marshall Plan period of unrestricted overseas spending had come. No, the U.S. did not intend to cut out foreign aid where it was needed, nor to retreat into "Buy American" protectionism, nor to cut dangerously its overseas military forces. But it might have to do all these things if such industrially strong...
...Velvet Glove. In any Cabinet under any President, the Secretary of the Treasury wields great power and carries grave responsibilities. He oversees the vast, intricate flow and ebb of the billions of dollars that the U.S. Government takes in and pays out. He is charged with managing the $290 billion national debt, a task in which small errors can be costly. But Robert Anderson's power and influence extend far beyond the statutory scope of his office, broad as that is. By force of mind and personality, Anderson molds politics that reach into every niche of the U.S. Government...
...Robert Anderson, a balanced 1960 budget seemed a hopeless undertaking. Over the prosperous Eisenhower years, the Administration had achieved a budget surplus only twice, in fiscal 1956 and 1957 (see chart), despite all the balanced-budget promises of the 1952 campaign. With the 1959 budget a gaudy $12.5 billion in the red, and the economy still convalescing from the recession, sober heads in the Administration argued for aiming toward a practical goal, e.g., holding the 1960 deficit down to a few billion...
...1950s, Western Europe and Japan, their economies rebuilt with U.S. help, were briskly competing with the U.S. in foreign markets, even in the U.S. home market. By last year the U.S.'s international transactions were drastically out of balance: the U.S. ran $3.4 billion in the red in its overall international payments. Gold flowed overseas so briskly that the U.S. gold reserve shrank by $2.3 billion, a thumping...