Word: budgeteering
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Dates: during 1960-1969
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Cambridge's new city manager, Joseph A. DeGuglielmo '29, presented the 1966 budget to the City Council...
...annual budget message, the city manager asked the Council to set priorities for approximately $52 million worth of capital improvements projected over the next five years. The City is already committed to the construction of a new hospital and a new wing for its library. In addition, the School Committee has begun planning for three new elementary schools. The cost of these five items will be more than $17 million, although the state and federal governments will pay a substantial part of the bill...
...Administration will make its budget look better by accelerating the practice, begun by Dwight Eisenhower, of selling off federal assets. It intends to market to private bankers billions of dollars worth of "paper assets," notably Government-backed mortgages held by the Federal National Mortgage Association. Expected income: $4.7 billion. It also will continue emptying out the federal stockpiles. In fiscal 1967, in addition to selling off copper and aluminum, the Government plans to dump onto the private market such fascinating commodities as 3,866,178 Ibs. of duck feathers, 129 million Ibs. of castor oil, 12 million carats of industrial...
Most of these devices produce strictly one-shot, temporary gains. Without them most economists figure that the deficit in the 1967 Administrative Budget would not be $1.8 billion but nearer $9 billion. Even with those temporary gains, the deficit may rise well beyond the expected figure. The Ad ministration has consistently underestimated the cost of the Viet Nam war; if that war continues to escalate, the President will either have to make more realistic cuts or raise taxes, or both. He will not be able to play the game of nonrecurring gains so actively next year, when keeping the budget...
...budget is by far the most comprehensive one that any government in the world has ever known. But it is necessarily inexact, since it is a sweeping forecast made in January of what the world will be like in the fiscal year that begins in July and ends 18 months after the budget is presented. Is the new budget sound or foolhardy? In the view of many economists, it is apt to aggravate inflation by pumping more money into the economy than it takes out at a time when production is running so high that shortages of manpower, material...