Word: downholds
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...when he signed the surtax bill, "than the cruel and haphazard tax of rising prices and spiraling interest rates." Most concerned about how the tax-and-spending package emerged are the President's economic advisers. What they originally proposed was a tax surcharge only; for them, the spending downhold that Congress insisted on came as a jolt. The combination seemed like a jet pilot applying full flaps at the same time he throttles back. What worries the Council of Economic Advisers is, first, whether the mixture will slow the economy too abruptly, and second, whether there is reserve power...
Instead of curtailing their foreign investments as a result of President Johnson's call for a "voluntary" downhold on dollar outflow, American business men are expanding faster than ever overseas. They have indeed improved the nation's balance of payments by cutting back U.S. bank loans to foreigners and repatriating more profits from ventures abroad. But they will in crease their foreign investments by 20% this year, spending a record $7.4 billion, about half of it in highly developed and competitive Western Europe. The bulk of these investments will not damage the U.S. balance of payments. Reason...
...flourishing $250 million-a-year business that has supported much of the country's economic growth over the last five years. When the Castello Branco regime began putting the brakes on inflation a year ago, Brazilians discovered just how precarious much of that growth had been. Since the downhold began, several hard-pressed companies have moved to delay payment of or renege on their outstanding debts on the parallel market, leaving thousands of investors holding $37 million in unredeemed notes. By now schooled in scandal, Brazilian investors have pulled out of the parallel market in great numbers, resumed investing...
Around the nation, editors are trying to ride out the recession without major cutbacks by intensive downhold drives that are paring extras to the bone. The Denver Post dropped a Sunday pictorial section, got the cooperation of unions in cutting expenses and overtime, is now putting out the paper with 3,000 fewer man-hours per week than before the recession. In San Antonio the Express Publishing Co., owner of the morning Express and afternoon News, combined the two Saturday papers into one fat morning Express-News. Few newspapers are hiring; few are even replacing newsmen who quit...
From Virginia's Langley Air Force Base came evidence that the downhold has reached to smaller items. Ruled Deputy Base Commander Harold P. Sparks: street lights will stay off at night, air conditioners must be shut down, motor vehicles left unwashed, pencils and paper clips ordered only by emergency requisition. Moreover, announced Colonel Sparks, patrons at the base commissary were requested to return paper shopping bags for reuse...