Word: deficit
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Dates: during 1960-1969
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Michigan Republican George Romney returned to the capital in Lansing with an enviable first term record that includes turning the state's chronic deficit into a $57.1 million surplus. A second term promises tougher sledding for Romney, facing as he does the first Democratic Michigan legislature in 30 years. In his inaugural address, Romney moved to head off trouble with a bit of sermonizing on political togetherness. Michigan, said Romney, must have "a bipartisan consensus." If he really succeeds with the Democratic legislature, it would mean another spectacular feather in Romney's much-decorated political...
...calling for a massive, liberal spending program that would include free textbooks for all public schools, increased teachers' salaries, and a $100 million bond issue for school construction. All that will please most Alabamians, but it will leave Wallace's successor in 1967 with an estimated state deficit of $500 million, compared with $258 million when Wallace himself took office...
Strongest Weapon. Though France has a huge and rising deficit in trade with the U.S., it still rakes in plenty of nontrade dollars with which to do battle. Every year in France, U.S. military forces spend $200 million, U.S. tourists leave behind $300 million and U.S. businessmen invest well over $1 billion. After subtracting for its imports from the U.S., France runs up an annual dollar surplus of $700 million, for which it can demand U.S. gold. Says Yale Economist Robert Triffin, one of the world's top gold authorities: "One of the two strongest bargaining weapons that France...
Aware that businessmen almost reflexively equate Democrats with fiscal irresponsibility, Johnson set out to change that image. He succeeded by keeping his first budget under $100 billion and by halving the deficit. At the same time, he convinced key Congressmen-notably Senator Harry Byrd and Representative Millsthat he really aimed to keep a tight rein on federal spending. The result: the two men finally moved the $11.5 billion tax cut out of their committees, and Congress quickly passed it. Though Johnson's techniques of persuasion and manipulation have inevitably changed somewhat in the transition from legislative to executive branch...
Labor also suffered a new blow to its battered chin when Dr. Richard Beeching, the able, cost-conscious chairman of the British Railways Board, resigned abruptly in a dispute over how to run the country's deficit-plagued nationalized railroads (1963 losses: $340 million). A trained physicist with a no-nonsense attitude toward inefficiency, Beeching was technical director of Imperial Chemical Industries when the Conservatives called him in 1961 and gave him a free hand to put the rails on a paying basis. His unsentimental and sound plan: close 352 branch lines, 5,000 miles of track...