Word: deficits
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Dates: during 1950-1959
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...Finance Minister, devalued the franc last summer, pressure eased. As Premier he courageously curbed credit and imports, decreased the subsidies that are the bane of the French economy. Understood in last week's aid agreement was his pledge to hold his tough line, keeping 1958's budget deficit to a "manageable" $1.4 billion, and the trade deficit around $400 million. By 1959 Gaillard expects the retooled economy to stand on its own with the world. Since last December it has been doing just that. Exports, including such invisible factors as tourism, exceeded imports for the first time since...
...economic front, the "consensus" of his economic advisers, he said, was that 1958 would produce "an upswing rather than a continuation of any downturn." But in case of a continued downturn he thought "a little needle" would be better than "a checkrein." Therefore, for fiscal 1959, some deficit spending "would be better than to start now the question of tax raising." But the Administration has no intention "at this moment" of proposing any kind of specific legislation to pep up the economy...
Postage & Privies. The new budget proposes only two big cuts, and Congress may well balk at both of them: hacking the Post Office deficit a hefty $700 million by upping postal rates (e.g., first-class letter postage from 3? to 5?), and chopping Commodity Credit Corporation costs nearly $400 million, mainly by lowering agricultural price supports. The rest of the budget's civil sector, far from shrinking, actually looms some $600 million bigger than in 1958. The thinning of some welfare programs, e.g., privies on Indian reservations and aid to states for education of retarded children, is more than...
Along with a $1.2 billion sag in estimated federal income for fiscal 1958, the extra outgo for defense erased the black ink to which the Administration pointed with pride a year ago. Instead of the estimated $1.8 billion surplus, the Administration foresees a $400 million deficit-red ink brought on by Red Sputniks...
...Franklin Simon to New Orleans' Maison Blanche. An aggressive merchandiser, Robb will try to streamline operations while Greenfield concentrates on expanding outlets. In the six months ending last July, the chain grossed $120 million from 57 outlets in 15 states, but ended up with a $234,000 deficit. Also boosted, from senior vice president to board vice chairman, was Greenfield's son, Princeton-educated Gordon K. Greenfield, 42, who may take over eventually...