Word: budgeteering
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Dates: during 1960-1969
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...triumph of the soap operatic in Lerner's play looms inevitable from its start, but fails to obscure a certain intelligence, and a surprising discipline, about the whole thing. The production, directed by Lerner, looks like it came in well under the Experimental Theatre's customarily stringent budget. The performances are all right, I guess; there's no designer's credit on the program, but the set explains...
Eckstein points out first that with the war in Vietnam raging, the non-Vietnam military budget today is, by normal standards, an austerity budget. All military construction in the U.S. has been stopped. Pay-increases to military personnel have been deferred. There have been surprising declines in contract awards to aerospace industries and other businesses, Eckstein notes. The procurement of the Minuteman-three has been postponed for eleven months. In addition it has been officially announced that the extra $3 billion of Vietnam spending in the current fiscal year will come entirely from the reprogramming of non-Vietnam military expenditures...
...time, Eckstein shows, economic growth is being maintained--stimulated in 1968 almost entirely by the private sector. In the last few years the stimulus came from Vietnam spending. This means that the increase in private demand this year will probably make up for the levelling of the total defense budget. In this sense "the economy is being weaned from its dependence on military spending," he says...
HOWEVER, Eckstein goes on in his paper to make the gloomy prediction that "much of this saving will be re-directed into the strategic components of the defense budget." He gives two reasons. First, he says, there will be a strong need to resume modernization of the defense establishment after having deferred it during the Vietnam war. Secondly, Eckstein believes that the U.S. is in Asia to stay and this will prove costly...
...part of such a campaign. However, if these industries have lived with lower (but still high) profits during the Vietnam war, they could be forced to live with them even after the war is over. So the war could conceivably reduce the aerospace's share of the federal budget for good...