Word: billioned
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Dates: during 1960-1969
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Reform Measures. To cover the revenue loss, the committee approved extension of the surtax at a reduced 5% rate through June 1970, a measure expected to produce $3 billion. It also endorsed, though in a more relaxed form than the House, provisions eliminating some of the more glaring tax inequities...
...always mentioning "the rising tide of Pacific business," the giant market in Asia barely tapped?"1 out of 18 jobs in the state is linked to foreign trade," one executive says. And the domestic market promises even more. By 1975, personal income in California will have soared to $110 billion! But David Mahoney, young and relaxed at 46, turns out to be 180° from the kind of executives I know back East. He sits behind a modern oval desk in a palatial three-room suite of offices that he has taken over as board chairman of Norton Simon...
Taken together, all the component parts have generated a mighty economic machine. California's gross "national" product keeps pushing upward, is now calculated at an annual rate of $108.8 billion, placing the state sixth in wealth among all the nations of the world. Its $4.3 billion agribusiness turns out 200 farm products...
...California's business enterprise reads almost like a parody of a chamber-of-commerce oration. In 1904 an immigrant's son, Amadeo Peter Giannini, founded a poor man's bank in a San Francisco saloon. Today the Bank of America is the world's largest, with assets of $25 billion, 952 Stateside branches and 94 overseas, and a creditcard system used by 25 million worldwide subscribers. Another poor boy. Charles B. ("Tex") Thornton, who started out as a government clerk, is one of the pioneers of the conglomerates with his Litton Industries. It was California that sent the aerospace industry...
Electronics, oil, food processing, insurance, Savings and Loan associations, construction?all have been added to the spectrum of California's economic life. Not the least of the benefits of this vitality is the workers' share. California's wage earners constitute a mass aristocracy that takes home about $1.5 billion every week; their per capita income ($4,111) is higher than that of any other state or any country on earth. Here too, think tanks like the Rand Corp. have evolved and become indispensable. With extraordinary skill ?and hubris?their staffers tackle virtually every problem in America, from campus riots...