Word: droppings
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Dates: during 1970-1979
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...Zimbabwe-Rhodesia. The measure has a good chance of passage. Even if that proposal is defeated, the House Armed Services Committee has proposed a weapons-procurement bill that says nothing about sanctions. Odds are that a HouseSenate conference called to reconcile the two versions of the arms bill would drop the Senate's rider, rather than force Carter into a veto that could not be overridden, and that would oblige Congress to pass the vital weapons bill a second time...
...budget reduces the highest income tax rates (for those earning a net income of more than $50,000) from 83% to 60%; the standard rate will drop from 33% to 30%. Personal exemptions will be raised, effectively severing 1.3 million more Britons from the tax rolls. To replace the estimated $9.5 billion in lost revenues from the reduced income tax, the budget calls for an increase in the value-added tax (VAT), a national sales levy that is applied to all but essential goods and services. VAT rates, which vary from 8% to 12.5%, will move up to 15%. That...
Among the causes of the drop...
Amid all this uncertainty, the Administration got a rare piece of good news on inflation. May's wholesale prices rose a modest .4%, vs. .9% in April, the smallest increase in nine months. The main reason: a drop in food prices, including beef, because of a decline in consumption. But food prices may resume their rise because crop-killing rains in the Midwest could tighten supplies of corn and wheat, and OPEC's continuing oil price rises will further fire up inflation...
OPEC could be poised for a further jump in prices. Production from Iran hovers at about 4 million bbl. daily, or approximately two-thirds its prerevolutionary output. But violence is flaring once again among oilworkers in the fields of Khuzistan. If the trouble results in even a modest drop in exports, that could send prices shooting into orbit...