Word: debt
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Dates: during 1950-1959
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...issue: the guaranteed annual wage. The promised cuts in excise and corporate taxes would probably be postponed. The bookkeeping budget in fiscal 1956 would have a deficit of some $3 billion (though the cash budget, including Social Security receipts, might be balanced). In any case, the towering national debt would...
...weak spots in 1955 there would be a host of counterbalancing strengths in the economy, as there had been in 1954. The economy had grown so fast that the debt, like defense spending, was not the burden it once was. In 1945, for instance, the debt equaled 129% of the gross national product; now it was only 76% of the G.N.P. And the economy was still growing not only in productive capacity but in the number of consumers...
...scattered few got delivery before the tiny production of the company was stopped by World War II. With the successful comeback of the postwar Volkswagen company under Heinz Nordhoff (TIME, Feb. 15), the earless car owners sued Volkswagen to get an auto. But Nordhoff refused to recognize the debt. Last week the German High Federal Court at Karlsruhe ruled that Nordhoff was right. Said the court...
...York's Democratic Governor-elect Averell Harriman last week paid the first installment on a debt owed to a careful political bookkeeper. As his secretary of state, he named Tammany Hall Leader Carmine G. (for Gerard) De Sapio, without whose help Harriman would still be a wistful political aspirant. Since New York is willing to pay its secretary of state $17,000 (plus $3,000 expenses) for such light-housekeeping duties as licensing hairdressers and sitting as chairman of the Cemetery Board, De Sapio will still be able to devote full time to his real job: that of managing...
When Clinton D. McKinnon, a successful San Diego publisher and businessman, bought the debt-ridden Los Angeles Daily News a year ago, he cheerily admitted that his main objective was to "push the undertaker away from the door." The task was harder than McKinnon realized. In Los Angeles, where five dailies battle for circulation, former Democratic Congressman McKinnon hoped to win readers with the only paper that "reflected the policies of the Democratic Party." But this week the undertaker came in the door...