Word: excessives
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...real spending declined slightly for a full quarter for the first time in four years. The spending slide has continued since then; the fourth quarter is expected to be off by about 2.4%. What happened? For one thing, there was a lot of "water" in the capital-goods backlog-excess orders spread among several suppliers by companies merely waiting to see who would deliver first. Then came the coal strike and the disastrous auto sales figures from Detroit; says Michael Evans, president of Chase Econometrics Associates, a Manhattan forecasting firm: "All the water got squeezed out of the order numbers...
Cutting Hair. The Finance Ministry estimates that annual oil revenues by 1981 will be roughly 2½ times what the economy can absorb. The government can spend some of its excess profits on social services. It can also reduce its steep income taxes (now ranging up to 90%). But University of Oslo Economist Erling Eide predicts that any reduction in taxation would lead to a severe inflation resulting from Norwegians' increased spending power. The only way to contain the inflation, Eide says, would be to revalue the krone to reduce the cost of foreign imports. Revaluation, though, would damage...
Nonetheless, other nations stand to benefit from Norway's oil-related problems. For example, the Norwegians, like the Arabs, may be forced to get rid of excess oil profits through heavy investment in foreign banks and industries. Such investments could well create a valuable Eurokrone market. Even more important, oil-hungry nations may now look toward a new, possibly more cooperative supplier than the Persian Gulf nations...
...Angeles, which not unexpectedly is the epicenter of animalmorphism, boasts a special limousine service for pets, which is patronized by, among others, Redd Foxx's Saint Bernard and Efrem Zimbalist Jr.'s llama. There is even a pet boutique that will have a shaggy dog's excess fur made into a sweater in Scotland. Of all the cemeteries across the country that vie for the Loved One's remains, probably none celebrate death so elaborately or expensively as the Los Angeles Pet Cemetery at Calabasas, which could have been the scene of Evelyn Waugh...
This country needs a President with guts enough to push for an excess-profits tax. Unions would not be as greedy if corporate profits were not soaring...