Word: cutbacks
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...signs of the slowdown are increasingly apparent, from Detroit's production cutback and the slowing of business expenditures for plant and equipment to last week's report from Washington that wholesale prices and retail sales both fell in November for the second consecutive month. In view of these events, the President's problem is whether to try for a tax rise that would certainly help out his budget but that might nudge a hesitant economy toward recession...
...Even a cutback of federal spending to curb inflation would have little effect if 50 states and thousands of localities were increasing expenditures. On the other hand, in case of a recession, a federal tax reduction to stimulate the economy could be negated by the inexorable rise in state and local taxes-which last year amounted to an average $266 for every man, woman and child in the country. The problem will grow as state and local governments are forced to spend much more on rapidly rising populations. Despite the recently lower birth rate, Dr. Philip M. Hauser, a University...
...States. The U.S. also seemed satisfied with the way Ongania was setting about the task of rebuilding the inflation-ridden, strife-torn nation. This week Ongania is expected to announce a series of "directives" spelling out a program of austerity and reform. Reports say they will include a sharp cutback on state employment, special export credits to stimulate foreign trade, more public housing, complete overhaul of Illia's disastrous oil policy that forced Argentina to import petroleum for the first time in years, and reorganization of the country's food-distribution system to eliminate middlemen and help blunt...
...June 30. Then G.M. reported that its April sales fell 24% from last year's record rate. With all that, the stock market dropped another 27 points, closing the week at an eleven-month low of 876.11. The loss in paper values since G.M.'s original cutback announcement has cost investors approximately $20 billion...
...excuse to sell more furiously. The Dow-Jones industrial average worried off ten points after Ackley's critique of profits, continued down after Martin's endorsement of higher taxes, plunged another 26 points in 1½ trading sessions after G.M.'s disclosure of a production cutback, falling to an intraday...