Word: deficit
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Dates: during 1960-1969
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...Michigan unemployment mounted (as high as 16% in recession 1958), sales tax returns slumped, welfare costs soared. Soapy Williams, heir to a budget surplus of $21 million in 1949, was faced with a $110 million deficit by mid-1959 and practically no borrowing power. His proffered solution: pile a 5% profits tax on corporations, put a U.A.W.-endorsed income tax on middle and upper incomes, e.g., a family of four earning less than $6,333 Per year would pay nothing...
MacIntyre, however, made the real difference as the varsity rallied from a 3-6 deficit to go ahead in the third period. Not only did he punt the team out of trouble at least four times and lead the offense with a 90-yard rushing total, but the senior halfback passed for the first time this fall...
Thus, this country's deficit is due largely to the outflow of short-term funds, attracted by Europe's high interest rates, and to private U.S. investment abroad, he reasoned...
Jacobsson predicted this capital movements deficit would eventually be corrected by both the end of the European construction boom and the predicted low rate of population increase in Europe, which would leave Europeans with a capital surplus for investment abroad...
...AMERICAN order from Pentagon to U.S. military commanders abroad will bring drastic change in purchasing policy. U.S. has been buying supplies for military and foreign aid abroad to help countries with unfavorable balance of trade. With U.S. running big balance-of-payment deficit, Pentagon will "favor" U.S. suppliers if costs are equal, although actual purchases are estimated at only $30 million. Other Government departments are studying similar moves...