Word: deficit
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Dates: during 1960-1969
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...billion in the year beginning Jan. 1. In an application of the Keynesian argument that an economy is likely to grow best when the government pumps in more money than it takes out, they boosted total federal spending to a record high of $121 billion and ran a deficit of more than $5 billion. Meanwhile, the Federal Reserve Board kept money easier and cheaper than it is in any other major nation, though proudly independent Chairman William McChesney Martin at year's end piloted through an increase in interest rates?thus following the classic anti-inflationary prescription...
...Government's role in the economy, have been won over?not only because Keynesianism works but because Lyndon Johnson knows how to make it palatable. They have begun to take for granted that the Government will intervene to head off recession or choke off inflation, no longer think that deficit spending is immoral. Nor, in perhaps the greatest change of all, do they believe that Government will ever fully pay off its debt, any more than General Motors or IBM find it advisable to pay off their long-term obligations; instead of demanding payment, creditors would rather continue collecting interest...
...largest industrial company outside the U.S., employs 550,000 people (one in every 40 British workers), is one of England's biggest landlords (it owns 130,000 homes), and supplies most of Britain's energy needs. It also has Brit ain's worst managerial headache. Its deficit has mounted to $125 million so far this year, and it intends to close 150 coal mines and seek government forgiveness of loans equaling more than $1 billion. Last week, in the most severe shake-up since the coal industry was nationalized 18 years ago, the N.C.B. abolished seven division...
...shocker in Ivy hockey came Saturday when Brown opened defense of its crown at Princeton. The Tigers, who had been humbled, 6 to 2, by Northeastern, roared back from a 4-0 deficit to upset Brown...
Harvard cancelled an 8-5 deficit after four matches as the powerful middle of the Crimson lineup ground out three straight victories. Ed Franquemont downed the Diplomats Steve Sinatra 5 to 1 at 152. Paul Padlak scored an 8-1 decision over Jim Kaufman at 160, and Chris Wickens' two points for riding time enabled him to edge Rich Johnson...