Word: debt
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Dates: during 1950-1959
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...said. "I shall propose a balanced budget for the next fiscal year ending June 30, 1957 ... I earnestly believe that a tax cut can be deemed justifiable only when it will not unbalance the budget, a budget which makes provision for some reduction, even though modest, in our national debt...
Credit for All. One of the big reasons for 1955's boom was credit; U.S. consumers went into debt at the fastest rate in history. Short-term consumer debt shot up to $36 billion, while long-term mortgage debt jumped to $88 billion, 380% greater than prewar levels. It was the year of the "no-no-down" payment mortgage (the builder pays the closing costs), the year when autos were funneled out with no money down, up to 42 months to pay. In Corpus Christi, Texas, movie houses even urged patrons to put admissions, popcorn and peanuts...
Overall, the Government's controls kept the economy within the speed limits. Re-tall prices and the cost of living remained virtually at the 1954 level. Furthermore, few consumers went overboard into debt...
...hopes to hold the consumer-credit rise to $3 billion for a total of $39 billion. The enormous debt consumers already owe will make the FRB's job easier; repaying 1955's loans will soak up enough money to make people think twice before taking on new debts...
...simply needed a song. The chorus is from a saying my Dad often used. He never saw real money. He was constantly in debt to the coal company. When shopping was needed, Dad would go to a window and draw little brass tokens against his account. They could only be spent at the company store. His humorous expression was, 'I can't afford...