Word: deficits
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Dates: during 1950-1959
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...carry commuters such as these it costs your railroad $2 for every $1 received." So read the caption under a photograph of anonymous commuters in the New Haven railroad's annual report, which sadly totted up a $2,363,702 deficit in 1957. Last week, reporting an even steeper deficit of $3,018,169 just for January-February, the New Haven unhappily discovered the identity of the costly "commuters" pictured in its annual report. Names: Boston and Maine's President Patrick B. McGinnis-who was dumped as New Haven president after a 1956 commuter revolt against late trains...
...York Central, which passed its second-quarter dividend after a January-February loss of $13.8 million. To economize, the Central will drop its fiveyear, $500 million modernization program, complete only about $20 million worth of projects under construction. The Baltimore & Ohio in February suffered its first monthly deficit since 1951, lost $990,000. Though still in the black, the Chesapeake & Ohio reported a decline in first-quarter earnings on common stock from $1.75 last year...
...reduction is a rather irrevocable step. Once taxes are reduced, it will be difficult to raise them again. Should the present recession prove temporary, we would want to have them back, and fairly promptly. We can't have a deficit in both depression and boom. Life is not yet that wonderful. There are other reasons for favoring public works. Schools and aid to education, research support and facilities, health facilities, urban rental housing, urban redevelopment, resource development, metropolitan communications, are all deficient or lagging. We should first make jobs building the schools...
THERE are two sides to Government deficit spending. It may help the economy in immediate troubles, but it can add to the tax burdens of the people for years to come. Government spending is not the total answer to the present problem. The biggest part of the solution must come from the American people and private industry...
...slump continues, taxes will be cut. But how much and when? Some economists argue that the U.S. cannot afford the $6 billion to $8 billion yearly loss to the Government of the tax-cut packages so far proposed, especially since the Government expects to run into a $4.5 billion deficit in fiscal 1959 without a cut. The answer of tax-cutters is that a cut eventually generates new revenue by stimulating economic activity; for example, the Government lost some $5 billion yearly in revenue when it cut taxes in 1954, but within a year, as the tax cut helped push...