Word: borrowings
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...Hampshire, where taxes are among the nation's lowest, Governor Hugh Gallen wants to slice the state employment rolls by 10% in order to help erase the state's $25 million deficit. Michigan officials were forced to borrow $500 million last month to meet the state's bills, and North Carolina Governor James Hunt is proposing eliminating 1,000 state jobs...
...Reduce funding for the Farmers Home Administration, which extends credit to people in rural areas who have trouble borrowing elsewhere, by $2 billion in fiscal 1982. In addition, force the Rural Electrification Administration to borrow in the open market, rather than at much lower Government-guaranteed interest rates...
Despite skimping on salaries for himself and four nonfamily employees, McDaniel fears that his expensive equipment (cost of a new boiler: $9,800) will break down, forcing him to borrow money to stay in business. "If I had to replace anything, it would be very costly. And with interest rates as high as they are, I don't know if I could...
...already found a site for a bigger operation, an empty Amoco filling station half a mile from where he is now located. The total cost of moving there, including new machines and remodeling, would come to about $175,000. But Despos is finding that he cannot afford to borrow the money from his local banker. The Fort Wayne National Bank, where he has been a customer for three years, would have given him a mortgage last October with an interest rate somewhere between 13% and 14%. But the bank insisted on a 30% cash down payment and Despos could...
Walter Heller, a member of TIME'S Board of Economists, points out that, quite apart from its effects on inflation, a swelling deficit operates directly to reduce savings in the economy. The Government must borrow to cover the deficit, thus decreasing savings, and in a briskly expanding economy this would reduce the money available for private investment. ''The quickest and surest way to increase savings is to reduce the deficit or run a budget surplus," says Heller. But he fears that the Reagan program will do the exact opposite, at least in the short...