Word: budgeteering
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Dates: during 1970-1979
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...summon up the preacher's other techniques of salvation--gentle persuasion and cajolery--talents the President did not use to great effect in the last session of Congress. Before his plan has a chance of success, he will have to convince Congress to accept his "lean and austere" budget, Labor to hold down its wage demands, and Big Business to limit its price hikes. Along with miscellaneous other programs, these are the steps that Carter sees as necessary to curb rising prices...
...capita basis since 1972 so that they could provide financial aid for needy students to meet a nationwide doctor shortage. Now the shortage is past. But Administration efforts to cut funding for the program have been thwarted by Congress, which authorized payments of $144 million in the 1979 budget. For the 1980 budget, OMB proposes that the program be killed...
Twenty-nine billion dollars! A mind-boggling sum. To many people, grappling with their own family budgets and worried about their own personal deficits, it is absolutely alarming that the Government proposes to spend that much more than it takes in during a single year. Yet the figure is a small fraction when compared with the total size of the U.S. economy. By the end of the budget year in September 1980, the U.S. will be producing goods and services at an annual rate of $2.6 trillion. So what does the $29 billion figure actually mean? Do deficits really matter...
...double-digit rates, with no war or speculative boom or oil shortage to blame it on, deficit spending has come to be viewed as the fiscal mortal sin leading inexorably to inflationary damnation. The legislatures of 22 states have called for a constitutional amendment that would require a balanced budget every year. Amendment or not, that would be impossible, since no Administration could predict future revenues and expenditures accurately enough. It is also undesirable. There are circumstances in which a deficit would be unavoidable, such as when a war is raising spending faster than taxes can be jacked up. There...
...does one judge whether-and how big-a deficit is appropriate? There is no simple answer, because deficits can have a variety of effects on the economy. As Arthur Burns, former Federal Reserve Board chairman, notes: "When the Government runs a budget deficit, it pumps more money into the pocketbooks of people than it takes out of their pocketbooks." That creates more demand for goods and services, which can put idle people and machines to work, or can make prices rise faster than they would if demand were lower...