Word: debtâ
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...steel prices plummeted by about 50% between 1974 and 1977, Europe lost $30 or so on every ton sold. The overall deficit last year was about $3 billion, with the nationalized British Steel Corp. accounting for $1.6 billion of the total. The French industry, saddled with a $10 billion debt???Europe's highest?was in effect taken over reluctantly last September by the government. West Germany, Europe's biggest steel producer, has lost the least (about $625 million), perhaps because in the past three years it laid off the most workers...
...will respond partly by further raising some taxes, partly by rejecting some badly needed programs, and largely by plunging deeper into debt. That is a self-defeating course. Keynesian economists have oversold the idea that public debt does not hurt because "we owe it to ourselves." Interest on the debt???currently $12 billion a year for the Federal Government ?devours tax dollars that are urgently needed for other purposes...
...course, this surplus of receipts over expenditures was not lying in the Treasury vaults. It was used in retiring the public debt???as an addition to the regular sinking fund provided for that purpose. The result of this application of the sinking fund and the surplus furnishes another pleasing bit of arithmetic...
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