Word: billioned
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Dates: during 1950-1959
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...White House called for a "flash" estimate of the Pentagon's 1959 budget, got an answer of $42 billion as a working figure. This meant probable expenditures of from $39½ billion to $40 billion next year, with an increased schedule thereafter. The notion of a $38 billion ceiling on defense spending is as dead as a rubber check, perhaps for many years to come. ¶ There will be no tax cut next year; there may be an Administration request to Congress to lift the $275 billion national debt limit, although budgeteers will make heroic attempts to stay within...
...make old ones faster, better and cheaper than ever before. Although isotopes are still in their commercial infancy, the Atomic Energy Commission estimates that industry's wonderful new servant will suve U.S. companies almost $500 million this year alone. By 1962 the savings will grow to $5 billion annually, or enough to repay the annual cost of the Government's entire atomic-energy program...
Japan's businessmen have a happy phrase to describe their resurgent economy: Jimmu kieki-the biggest boom since the days of the legendary Emperor Jimmu, who founded the Japanese empire in 660 B.C. In five years the gross national product zoomed 62.5% to $25 billion annually, while industrial production jumped almost 100% to 219 on the 1934-36 index. But last week Japan had two somewhat more sober phrases to quote: naka-darumi, meaning pause, and oi-uchi, meaning a tightening. The pause in the boom had been brought about by the credit pinching of Finance Minister Hisato Ichimada...
...materials, has been expanding faster than it could sell the manufactured goods on world markets, thus threw its vital balance of trade out of kilter to the detriment of its entire economy. Through the second quarter of 1957, imports poured in at the rate of $5.1 billion annually, 60% more than in 1956 and $2.4 billion more than the most optimistic estimate of exports. The drain on Japan's foreign-exchange reserves reduced them from $1.5 billion at the end of 1956 to $875 million last month (or to $270 million, excluding frozen, debts and import contracts still...
...Minister Ichimada does not expect an overnight cure for Japan's expansion troubles. Japan's international payments may actually wind up $400 million in the red by the end of fiscal 1958. But for fiscal 1959 he hopes to balance Japanese trade by boosting exports to $3.1 billion while holding imports to $3.2 billion. Instead of leaping ahead by 10% to 20% each year, national income and industrial production may only grow 3% or 4% next year. Says Finance Minister Ichimada, who calls himself "a realistic optimist": "Our keynote is austerity. There can be no improvement in living...