Word: deficit
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Dates: during 1960-1969
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...Administration consider new ideas. Two days after telling Congress that "we can no longer be satisfied with business as usual" when urban problems "are so urgent," he said to reporters that "several billions" would have to be squeezed out of the nonmilitary side of the budget to control the deficit in the current fiscal year. Thus, despite his admonition to Congress, it is clearly still very much business as usual for Johnson...
...late Boston surge recovered their four-run deficit, but it wasn't good enough to carry the Red Sox through a hairy 10th inning, in which careless pitching and a double error cost them the game...
...pushed. Otherwise, the Fed will have to depend on its own monetary solutions. No doubt Congress will reduce the 10 per cent figure to six or eight per cent before voting on it; even at 10 per cent it is no panacea: the tax hike will not eliminate the deficit, it will just reduce it. Nor will it stop inflation; the surtax will be a brake to help slow the economy down. Fiscal policy, such as the tax hike, is effective only when employed at the first signs of an economic trend, not six months later. The signs are clear...
...second argument concerns the economy. If the economy advances rapidly, a large Federal budget deficit helps create inflationary pressures because the government is putting more funds into the economy than it is taking out. The tax increase tends to slow the economy by restricting the ability of individuals and corporations to spend. In the absence of an economic boom, however, a tax increase tends to further depress economic conditions. In an economy operating at a slower pace, less consumer spending would result in lower tax revenues, thereby negating the beneficial effect of any tax increase...
...billion deficit, coupled with the built-in cost-push inflationary pressures of wage and price increases, will probably bring about a return to excessively high interest rates and tight money conditions from the Federal Reserve Board (Fed)--if Congress does not act quickly on the proposed tax increase. A delay in the hike would permit inflationary forces to gain momentum, and then the Fed would use its monetary device of tightening money--clearly, only a second best choice...