Word: exceedingly
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Dates: during 1980-1989
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...many months to come. More worrisome, there are signs that a vicious circle has begun that could block any sustained ad vance. The fourth-quarter drop in G.N.P. so reduced tax collections that the federal deficit in fiscal 1983, which started Oct. 1, is now certain to exceed $200 billion. That intensifies the threat that Government borrowing to cover the deficit will gobble up the lendable money needed to finance business investment and consumer buying. A group calling itself the Bi-Partisan Budget Appeal, headed by former Secretary of Commerce Peter Peterson, last week published an ad calling on Reagan...
...Congress to enact huge standby tax increases to go into effect in 1986 if, and only if, deficits by then still seemed likely to exceed $100 billion a year or so. Current thinking is to propose new taxes calculated to take in approximately $100 billion over a three-year period. One would be a $7-per-bbl. tax on imported oil; a much more direct levy would be an income-tax surcharge of perhaps 8%. That is, every taxpayer would add up his or her bill under the rate schedules now written into law, then pay another...
...nonprofit organizations, which now may elect not to participate in Social Security, will also be covered. The new contributors are expected to generate $20 billion in revenue. Also starting in 1984, half of Social Security benefits will be treated as taxable income for all individuals whose annual incomes exceed $20,000 or couples above $25,000, a move expected to raise $30 billion. Self-employed people, who now pay into Social Security at a rate of 9.35%, only three-fourths the total assessed for employer and employee combined, will pay the full rate. This will net $18 billion. The self...
...first World War, were opulent and imperial. They may have been the most extravagant fashion since the court of the Sun King. Worth, Doucet, Callot Soeurs, Poiret: the great fashion houses are all represented with gowns and dresses that seem to challenge, in some cases even exceed, the outer limits of craftsmanship. Who would have thought it possible for a bodice to be shaped in such a way, or for silk to fall so unhurriedly, like a dove on a light wind? The clothes of this period were an exercise in sensual extravagance, not only of highflying technical virtuosity...
...Falklands factor wanes, Thatcher remains her self-assured self. Unemployment is 13.2%, the industrial base continues to shrivel and growth may not exceed 1.5% in 1983; still she boasts that her policies have brought the inflation rate down to 6.3%, the lowest in ten years. She continues to promise that she will "put the 'Great' back in Britain." Thatcher has taken on the powerful trade unions and thus far has not come a cropper. At the same time, she has staunchly resisted industry's pleas to soften her austere monetarism. She has also been lucky. The Labor Party opposition...