Word: deficits
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Dates: during 1950-1959
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...Francisco's oceanside Olympic Country Club lost $89,166 in the nine months ending June 30, more than a $100 deficit for each member. Olympic earned $55,241 on the bar and $7,635 from rooms; it fell into the hole on golf ($67,547), food ($23,062), dressing rooms and lockers ($4,754), also lost on general administrative expenses, the telephones and cigar stand...
Brazil. When tough-minded new Finance Minister Lucas Lopes took charge eight weeks ago, he found that his predecessor had run up a record six-month deficit of $168 million. Clanking presses were turning out inflated new currency at top speed (2.5 billion cruzeiros in both April and May, 1.8 billion in June). Lucas Lopes trimmed nearly $75 million from the current budget and even managed to take a symbolic batch of 7,204,800 cruzeiros out of circulation. He revamped the ruinous coffee-price-support program by making only token payments for low-grade coffee. Despite complaints from...
Though the federal deficit will continue to be large, possibly running to $10-$12 billion next year, it will still represent less than 3% of the gross national product, hardly a harbinger of runaway inflation. The bothersome rise in the wage-price spiral will be slowed by several deflationary factors: widespread overcapacity in basic industries, a squeeze on profit margins, no recurrence of a labor shortage as working-age population rises. What the bank expects is a relatively stable growth pattern over the next five years, with prices rising a modest 1% or 2% each year. Any further acceleration...
...raises for military and civilian employees. States and cities helped by raising their expenditures more than 15% for the first eight months this year, to $5.3 billion. Because of increased Government spending, the U.S. budget switched in nine months from a $3 billion surplus to a $2.8 billion deficit, thus becoming a major inflationary force...
What would have happened if many of the antirecession measures had been adopted? For one thing, this year's budget deficit would probably be $18 billion instead of the $12 billion expected. Even worse, such measures as massive public-works programs would have their full effect later this year or next year, when the recession presumably will be about over, thus adding explosive pressure to inflation. The most significant lesson to be learned from the recovery is that the U.S. economy has remarkable resilience, and has proved that it can right itself without massive Government spending or tax cuts...