Word: cuts
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Dates: during 1960-1969
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Almost the entire cut came in the form of a $5.6 billion amputation from the defense request. It first appeared that Nixon might have to settle for $1.1 billion less than he asked for in foreign aid. But late Saturday, even this appeared in doubt as the Senate rejected the $1.8 billion foreign aid money bill. The Senate action was an angry response to the House, which insisted upon granting $54.5 million to Nationalist China for jet fighters and $50 million in military aid to South Korea...
...University Hall office last November. Still pending is the case against 36 blacks who occupied the same building earlier this month in an unsuccessful attempt to force the university to employ more black construction workers on campus projects. If the undergraduates in this group are ousted, it will cut black enrollment at Harvard and Radcliffe colleges by about one-eighth. Still upset over the school's hiring practices, black students announced that they were boycotting classes...
Ford's efforts will be costly-and not only to Ford. The company has budgeted some $31 million for vehicle pollution control next year. It will also spend approximately $60 million to cut air and water pollution at Ford plants over the next two years. But in the end, Chairman Ford admitted, "at least a major part" of the cost of such environmental protection will be passed along to the consumer...
...sell 20,000 trees this year. Instead, customers have been driving away in empty trucks, unwilling to take the stunted and mis-shapen trees. "I think I'm out of business," Steyer says sadly. Dr. Franklin Custer, the other principal tree grower near Mount Storm, used to cut 10,000 trees a year. This season he expects to chop fewer than 1,000. One scraggly group of trees, only two miles from the belching smokestacks, may well be Custer's last stand on that site...
...history supports his argument. As he notes in his definitive work, A Monetary History of the United States 1867-1960, a decline in the nation's money supply has preceded every recession except one (1869-70) in the last hundred years. After World War I, for example, the Government cut its spending by an amount equal to 16% of the U.S. gross national product. On top of that, the Federal Reserve contracted the money supply by 5.2%. Says Paul McCracken: "The remarkable thing is not that there was a 1921 recession but that our economic system survived under this massive...