Word: deficits
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Dates: during 1950-1959
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Chief among these is the worship of the "balanced budget" and the almost emotional dread of "deficit spending." If the economy is so constituted (and here a careful analysis is needed) that it cannot rely on private consumption to keep it in a state of expansion, the role of government must be seriously re-evaluated. The Eisenhower Administration has so far shown itself unwilling even to probe the hypothesis...
...dangers of inflation and a budget deficit have been exaggerated by the Administration, both professors feel. "Prosperity with a deficit is better than a recession without one," Smithies stated. Duesenberry cited Keynes in characterizing the Administration's cautions to management and labor as "warning a starving man about the dangers of over-eating...
Keep Your Shirt On. One of the most vocal members of the antitax faction was George Humphrey, former Secretary of the Treasury, now board chairman of National Steel Corp. Snorted Humphrey: "They say a budget deficit is needed to cure the recession. Well, we've got one already." The tax cut he sponsored in 1954 was an "honest" tax cut, said Humphrey, because it was covered by savings in Government spendings. But present tax cut proposals are "dishonest" because they involve bigger Government deficits. Humphrey's formula for curing the recession: "Keep your shirt on." Against this view...
...match with Dell, Junta was spectacular. Almost completely recovered from an early season back injury, he bounced back from a 1-3 deficit in the deciding third set to take the next five games and win the tense contest...
Austerity in Government. "The national treasury is empty," warned Frondizi, adding that the trade deficit is so huge that even vital imported supplies (e.g., petroleum) might be cut off by year's end. He promised administrative austerity, but said the broader solution for the nation was "encouraging productive private enterprise." He pledged that there would be no new expropriation of foreign investments, though industries already nationalized would be kept. He announced that he was taking over as president of the floundering state oil monopoly and would accept aid from private capital, "without abolishing state control...