Word: budgeting
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Dates: during 1940-1949
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...decision, a year ago, the Jesuits who run St. Louis U. happily got busy. In a building formerly used by an undertaker, they set up the Sever Institute of Geophysical Technology, named a dean, planned to install $200,000 worth of equipment, scheduled an $85,000-a-year maintenance budget, and announced themselves ready to accept 180 students of geophysics in the fall. Their curriculum, they declared, would eventually compare favorably with M.I.T.'s. But within a month, St. Louis' Washington University, one of the original claimants, upset this optimistic schedule by a demand for reconsideration...
...request, from a nation which has never had much foreign trade, for a long-term credit bigger than the U.S. budget was in any peacetime year before 1935, a loan in which the U.S. would risk a bigger sum to expand foreign trade with a single country than the New Deal ever put out in one year to prime the pump at home...
Down Taxes. Another basic principle set forth by Ruml is that business can function consistently at a high level of productivity and jobs only if the U.S. adopts the proper fiscal policy. This means that the chief instruments of fiscal policy, the U.S. budget and taxes, should be planned primarily with an eye to maintaining purchasing power and employment. In effect, the raising of revenue through taxes should be a secondary object...
Ruml tends toward a "compensatory budget," i.e., heavy governmental spending in depression years to keep up purchasing power, diminished government spending and consumption taxes in boom years. More specifically, Ruml would levy taxes which would balance his estimated postwar budget of $18 billion only at a high level of employment (probably around a national income of $140 billion...
Below this level, the budget would show a deficit; above it, he hopes for a surplus to pay off the national debt. Taxes, once set, would be left alone. In addition he would reform the tax system along the lines of the now familiar Ruml-Sonne plan to abolish corporation taxes (TIME, Aug. 7), put the tax burden on income taxpayers. As a corollary, he would reform the policy on public works...