Word: budgeteering
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Dates: during 1970-1979
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Leif Olsen, a star economist at Manhattan's Citibank, points out that business borrowing from commercial banks in the first nine months of this year rose at an annual rate of 15.1%, and borrowing by households is also at a record high. Borrowing by Government to finance budget deficits adds to the demand. Alan Greenspan, a member of TIME'S Board of Economists, singles out mortgage credit as "a monster loose in the system," devouring money. People are not only borrowing to build new houses but taking out second mortgages on existing homes to finance spending of various types. During...
...turning point, which forced Jimmy Carter to change his mind, came shortly after he went on television Tuesday night, Oct. 24, to announce his Stage II anti-inflation program. He not only proclaimed wage-price guidelines but also pledged to slash the U.S. budget deficit further and ease the inflationary burden of Government regulation on business. Far from steadying, the financial markets went berserk with the wildest selling spree yet, obviously because investors and speculators judged the policy to be not strong enough. The U.S. stock market tumbled into a deepening nosedive that carried the Dow industrials down 105 points...
...real question is whether Carter and the Federal Reserve will stick to a policy of high interest rates, slower money-supply growth and tight budget restraints when the economy slows significantly and unemployment begins to rise. That goes against Carter's instincts as a populist. Even in his Stage II speech he could not bring himself to say anything about money supply, and some of his politically sensitive advisers wanted to include in that talk a promise of lower interest rates; they were dissuaded only after a drawn-out fight...
...test of the Administration's consistency will be what comes meetings being held now to prepare the budget for fiscal 1980. Carter has pledged to reduce the $39 billion deficit further, to no more than $30 billion. That will take some fancy cutting. Even if no new programs are started at all, the automatic growth in existing activities would result in a deficit of $46 billion to $48 billion. And the Administration has promised NATO allies that defense spending will rise 3% a year in real terms. So the cutting will have to come out of the budgets of civilian...
...total number of tenured posts fell short of projections because budget cuts forced a decrease in the number of hirings and a change in the method of counting professors with joint appointments in more than one department, said Thomas E. Crooks '49, special assistant to Dean Rosovsky, who presented the figures...