Word: budgeteering
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Dates: during 1960-1969
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Crossed Fingers. At the Joint Economic Committee hearings, Economist Seymour Harris of the University of California at San Diego pointed out that eleven of 15 so-called "leading indicators" are on the rise. Said Budget Director Kermit Gordon: "The present healthy expansion will keep going through a fifth consecutive year." About the only word of caution came from Raymond J. Saulnier, who had been President Eisenhower's chief economist; pointing to a rapidly lengthening work week and "incipient inflation," he said that the economy shows signs of "overheating," and he warned, "Don't push your luck...
Government economists realize that their buoyancy may be only short-term, certainly do not rule out a slight tapering by year's end. To head off inflation and help to reduce the balance-of-payments deficit, the Federal Reserve Board is slowly tightening credit. Budget Director Gordon disclosed last week that, in 1965, the combination of higher federal spending and further tax cuts will pump an additional $8 billion into the economy, while increased prosperity will boost the federal tax intake by $6 billion. That will make for a net $2 billion federal stimulus to the economy, most...
...Budget Expert...
...economist in the Australian Treasury Department during the 1920's, and has served with the U.S. Bureau of the Budget, the U.S. Bureau of the Budget, the Economic Cooperation Administration, the Office of Defense Mobilization, and the Hoover Commission...
...King & J. P. Morgan. Lord Cromer thus stepped right into a behind-scenes Cabinet hassle over what kind of budget the government should present to Commons in April. Chancellor of the Exchequer James Callaghan reportedly wants to temper spending with a basically deflationary budget, is willing to risk a rise in unemployment; Economics Minister George Brown argues that Britain must proceed with wage rises and welfare spending. For candidly coming out on the side of Callaghan, Lord Cromer earned criticism from both left and right. The Laborite New Statesman lashed him for "calculated political intervention," and the Financial Times faulted...