Word: dividend
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...make good on all these claims would obviously exhaust even the most generous fiscal dividend that Charles Schultze has projected. But the President can still find some money for key social needs. The fact is that the federal budget can stand some slimming. Not as much as Americans sometimes think is wasted-but a good deal is. Not as much as Americans sometimes suppose is going into absurd projects-though too much is. Money is being spent on programs that, by comparison with priority needs, are secondary or of relatively minor importance. Someone is always hurt when a program...
...even after this immense military mortgage is taken into account, the financial bind should begin to ease in 1971. If Nixon chooses to keep taxes at present levels-without the surtax-he will enjoy the benefit of "a fiscal dividend." This dividend is created by the automatic rise in federal revenues that accompanies the economy's growth; automatic, that is, so long as the economy does grow, for recessions have not yet become unconstitutional. If the gross national product continues to advance at a rate of an average 6-7% annually, tax revenues will increase faster than federal expenses...
Against this anticipated dividend must be set a multibillion-dollar set of claims. The future military shopping list, in addition to the items above, includes a number of costly weapons systems in the development stage on which procurement decisions are pending. Initial requests from the armed forces in the 1970 budget were reported at the $100 billion figure that Schultze projects for 1974. In addition to these proposals there are potential increases in programs already authorized but underfunded. If Congress fully applied the Model Cities Program to the 130 or 140 cities involved, the annual cost could reach $4 billion...
Sticking Points. If there was one dividend to be found in last week's crisis, it was the fresh sense of urgency imparted to big-power efforts toward a settlement. Russian diplomats in Washington, Paris and London began pressing for an agreement that could be offered to both sides with big-power endorsement. In a week of intensive conversations, there were hints of a new Soviet willingness to search for accommodation on such sticking points as demarcation of boundaries, free navigation, demilitarized zones and international guarantees. Some close observers detected an emerging package offer...
...issues that industry needs to expand and modernize. With somewhat less justification, stockbrokers worry that investors will switch out of stocks and into bonds because the difference in yields is so enormous. This month, the average yield on Triple-A corporate bonds climbed to 6.47%, while the average dividend paid by the 500 stocks in the Standard & Poor's index was down to 2.89%, the lowest since February...