Word: billioned
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Dates: during 1950-1959
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...Plant-expansion slowdown and the consequent cut in spending: $3 billion. ¶ Inventory buying, accelerating at the rate of $3 billion annually, turned completely around in October and was decreasing at a lightning-fast $7 billion rate in January as businessmen lived off their warehouse stocks. Cut in demand: $10 billion. ¶ Total cut in spending rates: $21 billion...
...problem that bothers retailers is the big rise in savings, which have gone up $7 billion since January 1957. Nevertheless, disposable personal income will still be so high this year (up 2% to $307 billion on Administration estimates) that about the same amount is being spent as last year. Installment credit, rising by $2.5 billion in 1957, has shown no serious falloff. While consumers are cutting back in durable goods, they are not cutting down on food, clothing, or services. With salesmanship, the consumer can even be enticed into buying summer appliances in the dead of winter. Said an executive...
...taxes. Prevalent speculation: ¶ Individuals will probably get about an 11% cut v. a 12% cut in 1954, giving the taxpayer in the $5,000-a-year-and-under bracket (the biggest group) as much as $1.60 a week more in his pay envelope. Loss in Government revenues: $4 billion. ¶ Corporations can look forward to a corporate rate reduction from 52% to 50%. Government loss: $1 billion. ¶ Excise taxes, which have outlived their wartime purpose to discourage use of scarce material and transportation, are certain to be slashed. Likely targets: the manufacturers' auto excise tax, which adds...
...business slump continues, taxes will be cut. But how much and when? Some economists argue that the U.S. cannot afford the $6 billion to $8 billion yearly loss to the Government of the tax-cut packages so far proposed, especially since the Government expects to run into a $4.5 billion deficit in fiscal 1959 without a cut. The answer of tax-cutters is that a cut eventually generates new revenue by stimulating economic activity; for example, the Government lost some $5 billion yearly in revenue when it cut taxes in 1954, but within a year, as the tax cut helped...
...TOURIST SPENDING will top last year's record $1.9 billion. American Express reports 660,000 Americans will visit Europe alone-10% more than in 1957-and hotel bookings are running as much as 50% ahead. Paris expects 420,000 dollar-laden American visitors, Brussels 400,000 (thanks to world's fair), Rome 313,300, London 300,000, Amsterdam and Madrid 210,000 each...