Word: budgeteering
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Dates: during 1960-1969
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...Nervous Leader. Boumediene's power base is his army, and he is spending almost one-third of the national budget on military hardware, most of it bought from Russia. In the process, Boumediene has built Algeria into the third largest military power in Africa, after Egypt and South Africa. He has also built a menacing opposition. Though he has purged his enemies from the Algerian Labor Federation and sacked rivals on the 24-man Revolutionary Council, many pro-Ben Bella men still surround him in high government posts. Outside the country, powerful exiles like Independence Hero Mohammed Boudiaf...
...President in January projected a small, noninflationary budget deficit for fiscal 1967, which began in July. As it turned out, the cost of Viet Nam this year was $10 billion greater than the President publicly estimated, and, says Chicago Economist John Langum, "Viet Nam was to the booming economy like too much beer to a weak bladder." Instead of raising taxes to finance the war and frustrate inflation, Johnson took the politically easy way out, left it up to Martin's Federal Reserve Board, and through it U.S. bankers, to crimp the nation's credit. The irony...
...chance was missed in 1966. It was a year when the transitory requirements of politics prevailed over the laws of economics. Early in the year, before inflation became acute, President Johnson might have used all three basic tools that have been popularized by the Keynesian new economics - tax and budget policy as well as monetary policy - to curb the economy's overexuberance. He did not. Says a top official of the U.S. Federal Reserve: "There was a wonder ful opportunity to show that the new economics works both ways, and that with proper tax measures we can not only...
...June, the Treasury ordered corporations to pay their withholding taxes for employees twice a month instead of only at each month's end. While these two actions did not really boost taxes but simply made for earlier payment, they had the cosmetic effect of temporarily making the budget deficit appear smaller than it was. Corporations borrowed billions from the banks to pay for the speedup. In effect, the banks had been obliged to finance the narrowing of Johnson's budget deficit...
...money had fallen about $2 billion from the end of June to the end of July, a record high $3.7 billion in new issues of bonds and stocks hit the money market in August. Meanwhile, the U.S. Treasury was corning to the banks for billions more to finance the budget deficit. Under longstanding moral and legal commitments that they could not ignore, the banks were also shelling out corporate loans faster than they were taking in deposits. In New York City banks, the ratio of loans climbed to well over 70% of deposits, a 45-year peak...