Word: budgeting
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Dates: during 1960-1969
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Freezing the Budget. Mills has wide backing in the House. Even as Secretary Kennedy and other Administration spokesmen were testifying before Ways and Means, the House debated -and then passed-an extraordinary proposal. It clapped an absolute ceiling on federal spending,* limiting outlays for fiscal 1970, which begins July 1, to $192,900,000,000. The freeze has a chance for Senate approval as well, although the upper chamber is generally less economy-minded than the House...
Willing to Gamble. Theoretically, the limit should work no great hardship on the Administration. The figure is exactly what Nixon requested in his formal budget presentation. The catch is that spending during a fiscal year is almost always substantially above the estimate made earlier. If the House bill becomes law, any unexpected but necessary increase would force a curtailment elsewhere in a budget that is already relatively lean in domestic areas. Thus the restriction could severely limit the Administration's ability to deal with emergencies and handle such "uncontrollable spending" as interest on the national debt and Social Security...
...begin, an often quoted figure is that the University's expenses have tripled in the last ten years. This is misleading because during their period government contracted and funded research rose eight-fold to 55.4 million dollars. This cost Harvard virtually nothing but it makes the budget look much bigger and distorts how much costs have really risen. Delete this amount and the real (non-governmental) expenses increased by 122 per cent, not 200 per cent (from 43.2 million dollars to 96.0 million dollars...
What are the funds that cover each budget, whatever its size? The total market value of Harvard's general investments on June 30, 1967 was about $1,038,000,000. The "book value" was about two-thirds that amount. Each year the Corporation votes to distribute to each of the funds participating in the general investments account (which means mostly the endowment funds) income from this account at a fixed rate of the book value of each fund. In 1966-67 this rate was 5.2 per cent and thus $34,000,000 was distributed, of which $30.5 million went...
...that sensible Government policy will avoid such a crisis, he estimates that inflation will average 2% during the decade. Tending to reinforce his assumption, such economic barometers as industrial production and personal income have begun to level out under the growing pressure of high taxes, tight money and a budget surplus...