Word: excessive
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Dates: during 1940-1949
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...advocate and defend the program of broad general sub sidies. ... I cannot do this for the reason that I do not believe such subsidies will be effective in controlling inflation unless they are accompanied here, as they are in England, by current tax and savings programs that drain off excess buying power, and by tight control and management of the food supply...
...Britain and Australia. Primarily, the dam was built to supply power for the war production of aluminum. U.S. Secretary of Commerce Jesse Jones advanced $68,500,000 in fund's of the Metals Reserve Co. Great Britain advanced $55,600,000, Australia $10,000,000. Canada contributed an excess-profits tax write-off of $154,500,000 to the project...
...failure now to levy taxes sufficient in amount to meet all government expenditures (including the subsidies) will mean that the excess of expenditures over tax receipts must be met by newly created (bank or printing press) money. After the close of the war, when rationing and price control are removed, the offering of this money for goods will bring on a swift and disastrous rise in all prices...
...Government is already paying out some $700 millions a year in subsidies to meet special situations. Examples: to encourage copper production; to pay the excess cost of moving oil east by rail instead of by sea. The present big squeeze results from the pressure that skyrocketing wages and farm prices have put on the cost of domestic goods at the manufacturing and distributing level...
...Subsidies are themselves inflationary. They keep prices down artificially at a time when the average consumer already has more money than he can spend, as he buys up what goods there are. As ex-President Herbert Hoover said last week: so long as excess money is not drained off, subsidies "are like cleaning a room by sweeping the dirt under...