Word: budgeted
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Dates: during 1980-1989
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...compared this record with that of President Reagan, who he said has exacerbated the nation's economic predicament. "Six years ago, the White House proposed, and Congress approved, the biggest revenue cut and thebiggest Pentagon build-up in our history, whilepromising to balance the budget by 1985," he said...
Saying he wanted to reverse this trend, Dukakiscalled for a multi-year agreement with credible,workable budget targets, and suggested a nationaltax collection plan similiar to the one thatcaptured almost $3 billion in revenues forMassachusetts in four years...
...world of Harvard finance, the endowment could skyrocket to the moon and back, and it still wouldn't make a dent on the budget. The reason is that the endowment pays out a set rate more than it has paid out the previous year, regardless of how much it has grown in the meantime. Excess gains are reinvested, and the pot grows bigger...
...relieving the endowment, the pay out limit has placed an unfair burden on students. In 1974 the endowment funded 22 percent of Harvard's expenses, while it only picked up 17.5 percent in 1986. When the endowment pays a smaller share of the budget, tuition has to make up the difference. In 1974 tuition paid for 21 percent of the University's expences and last year it paid 27 percent...
...when it comes down to paying thousand dollar tuition increases each year and bearing a greater burden of the budget, these thoughts offer little comfort. If the market drops even further, then maybe Harvard's endowment will get the sinking feeling we have each and every year when we open the mail to find the biggest term bill ever...