Word: borrowers
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...through June 1983. Extending the permission for OASI to borrow from the disability and Medicare funds would buy a bit of additional time, but probably no more than 18 months...
...general-revenue financing is stated succinctly by Social Security Commissioner John Svahn: " What general revenues?" In an era of budget deficits that could all too easily approach $200 billion a year, the Government simply has no funds to spare. Diverting money to Social Security would force the Government to borrow even more from the financial markets than it is already doing to finance defense and general social spending, thus helping to keep interest rates high...
...attentive youngsters were more confused than enlightened by the President's explanation, they were not alone. Everyone who needs to borrow money, from struggling small businessmen to families who want to buy homes, is bewildered and frustrated. Interest rates have stayed up even as inflation has gone down dramatically. The cost of money has historically been only two to three percentage points above the rate of price rises. Now interest rates are an astonishing 15 points above the inflation level of the past three months...
...puzzle. Some experts, including Felix Rohatyn, a partner in the Lazard Frères investment banking firm, argue that loan demand is still putting intense pressure on interest rates. While the high cost of money has discouraged mortgage seekers and auto buyers, corporations are still queuing up to borrow. The volume of commercial and industrial loans at large banks has risen at an annual rate of 22% in the past month...
Many companies are losing money so fast that they must borrow to pay salaries and other operating expenses. Some are taking out new loans merely to pay the interest on their old ones. Unable to issue long-term bonds, they are forced to rely month after month on short-term borrowing from banks at 16⅓% or higher. Says Economist Allen Sinai of the Data Resources consulting firm: "The banks are keeping a number of big companies afloat. They are becoming captives to the corporations that are in financial trouble." Hundreds of small businesses, with no clout at the banks...