Word: deficits
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Dates: during 1970-1979
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When you get right down to it, the underlying reason for our inflation is the continuing popularity of across-the-board wage increases and massive Government spending. The latter supposedly comes "free" via the trickery of deficit spending. I am very much afraid that our politicians, and perhaps also our economists, haven't guts enough to face up to this dilemma...
...enough. For the third month in a row, prices rose faster than wages, and workers' purchasing power declined. The index of leading indicators, those figures that are supposed to foretell the economy's future, showed no change from January, when it had dropped 1.9%. The U.S. trade deficit in February was a startling $4.5 billion, the worst ever in one month. At home the Carter Administration's economists fear that unemployment in the next month or two may rise a bit from the 40-month low of 6.1% recorded in February. That figure had declined largely because...
...Carter Administration has come up with a novel justification for its planned $61 billion federal budget deficit. It is necessary, officials argue, in part because Uncle Sam should put back into the economy money that states and cities are draining away by running big budget surpluses. The argument is more than a little questionable because these surpluses will not restrain the economy but will spur it by making possible state and local tax cuts and more spending on services. But there is no denying the basic fact: most state and municipal treasuries are indeed flush with more cash than they...
...some dramatic turnarounds. Only three years ago, New York State faced a serious threat that a city insolvency would drag the state into bankruptcy too. Now the state expects a surplus of $360 million this year and is debating how much to cut taxes. Michigan last November projected a deficit of $78.4 million in its 1978 fiscal year, ending Sept. 30. Now it expects a $68.4 million surplus, and Governor William Milliken is proposing reductions in property and income taxes. Budget Director Gerald Miller agreed with a reporter that the estimate of a deficit was "a ploy." He remarked candidly...
...first game the Crimson came back from a 6-3 deficit with ten runs in the seventh and four in the ninth to successfully fend off the Oshkosh offense. Harvard used four pitchers, but righthanded ace Larry Brown finished up and got the win. Mike Stenhouse provided most of the plate punch, going 3 for 6 with six RBIs on a three-run homer and a triple...