Word: budgeteering
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Dates: during 1970-1979
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Five months after he was forced out as U.S. budget chief, his finances in disarray and his future in doubt, Bert Lance is well on the way to new riches from a number of ventures. One of them is serving as the American connection for oil-rich Middle East millionaires in search of investment opportunities...
...recruitment effort this year, as in past years, has been a long trail of disappointments' and frustrations because of the admissions office's refusal to commit itself to Third World students. This year's budget, like everything else concerning student recruitment, was acquired after a long struggle. Still, the budget was insufficient to cover all the areas that needed to be covered. Later the office had the gall to require that some staff travel come out of the student budget. The students were entangled in an increasing web of bureaucratic responsibilities. Endless letter writing, continuing deadlines, forms of all types...
Spending $500 million to expand in the beer business, Miller introduced the 7-oz. "pony" bottle and bought the Lite label for its low-calorie brew, which became a runaway success; Miller staged a high-budget ad campaign that featured Mickey Spillane and ex-Football Star Bubba Smith to give a macho image to Lite. In order to crack the highest-priced market segment, which has been dominated by Anheuser-Busch's Michelob and imports, Miller last October began national sales of Lowenbrau made under license in its U.S. breweries...
...this, Miller surged from seventh place in 1972 to edge out Schlitz for second place last year, with net sales of $1.1 billion and operating income of $106 million. While industry volume grew by 4%, Miller reported an increase of 31.6%. Of Philip Morris' $500 million capital budget in 1978, more than half will be devoted to Miller, a ratio that will continue for several years. The aim is to raise capacity from just over 24 million bbls. to 40 million bbls. by 1980 and draw even with Anheuser-Busch...
...employer of last resort, and since late last year Torrijos has created 22,000 new jobs, mostly make-work. Inflation, mercifully, has dropped from 30% in 1974 to less than 10%, and a new sales tax added some $35 million to government coffers last year. But the $432 million budget (9% of it allotted to the military) has a deficit of $89 million, and the national debt stands at $1.6 billion. That translates into $930 for each of the 1.7 million Panamanians -only $270 less than per capita income...