Word: economists
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Dates: during 1960-1969
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...plight of the cities, the Urban Coalition answers demands raised by such disparate political figures as New York's Democratic Senator Robert Kennedy and Illinois' Republican Charles Percy, both of whom have urged far greater participation of industry in meeting the cities' needs. As the London Economist noted last week, "If Litton Industries can work out a scheme for economic development in Greece...
Some Government economists see the trend as a new vice rather than an old virtue. Commerce Department Economist Louis Paradiso looks for a gradual return to normal, notes hopefully that "there never has been a prolonged high rate of savings." But that just may be the way things go in Washington. Walter Hoadley, the Bank of America's chief economist, finds nothing "alarming" in the current tightfistedness. "People are cleaning up their budgets," he says. "Frankly, the private sector is doing what the Government should be doing-establishing a new set of priorities for spending...
Bumper Crop. The nation's 3,200,000 farms make up its No. 1 industry, with assets totaling $273 billion, a $20 billion chunk of it tied up in machinery so costly that, as Federal Reserve Bank Agricultural Economist Roby Sloan notes, "those without the managerial capacities, or who couldn't get financing, have had to move off the farm." As more marginal, hardscrabble farmers give up and flock to the cities, the spreads that remain are getting bigger. The average farm, just 175 acres back in 1940, now covers 359 acres, and will probably grow...
...machinery will dictate the size and kind of food that Americans eat. In trying to develop a mechanical strawberry harvester, Oregon State University scientists are experimenting with 6,000 varieties of berry to find one suitable for machine picking. The impact of mechanization is such, predicts International Harvester Economist Dr. L. S. Fife, that crops failing to lend themselves to mechanization "will cease to exist as common commodities. They will become delicacies obtainable only at high cost through scarce hand labor...
...Administration economist observed last month that if there were no Vietnam war the Federal government would have a budget surplus rather than a deficit. But there is a Vietnam war, and as military expenses grow interminably, the government anticipates a deficit of $29 billion for fiscal 1968. A deficit this large causes an excessive stimulus on the economy, and for that reason President Johnson asked Congress in early August to approve a temporary 10 per cent surcharge on income taxes for both individuals and corporations. He hopes this surcharge and other fiscal proposals will reduce the deficit by $11 billion...